success story

Virtusa transforms British bank's core banking system

Modernizing legacy core systems to achieve faster time-to-market

Our client is a British universal bank and financial services group headquartered in London, England, with a multinational footprint. The client faced challenges with various versions of the core application for different regions, resulting in poor data integrity, complicated operations, and slower time to market.

Virtusa helped the client with the core banking modernization program, aiming to lower costs, accelerate time to market, and simplify the system by reducing versions and complexity. With our engineering-led consulting approach, we partnered with the client’s team to streamline their operations and reduce complexity, resulting in lower chances of errors.

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The Challenge

The client faced the following challenges due to its legacy mainframe core systems: 

  • Fragmented core banking versions: The application had four different versions, and the application versions for other regions were not unique. This required a lot of manual effort to change applications across various areas.
  • Building APIs on different platforms was an added complexity.
  • Siloed data: Due to various data sources, the data was stored in silos and different formats, resulting in poor data integrity.
The Solution

Given these challenges, there was a need to modernize internet banking and mobile channels and implement an API-based forward-compatible architecture. The solution included:  

  • Global core banking transformation: Virtusa successfully implemented a core banking application across 50+ countries, accommodating various versions and local customizations. Our dedicated team of 150+ associates executed this transformation across APAC, Europe, and MENA regions. This also involved migrating Java Enterprise Edition (JEE) forms to Adobe Experience Manager (AEM) forms and consolidating data from diverse sources to ensure data integrity and resilience.
  • Batch optimization excellence: Reduced the batch cycles from 4-8 hours to less than 3 hours and subsequently to near real-time. 
  • 24/7 stand-in solution: We built a mini-hub to ensure that some essential customer-facing channels, such as the internet, branch, mobile, and call center, are available 24/7. 
Transform core banking system
The Benefit

Through our core modernization and data integration solution, the client experienced the following significant benefits:

  • Streamlined operations: We consolidated four versions of the core banking applications into a single version across UAE, Egypt, Oman, Bahrain, Kuwait, Qatar, and Algeria, significantly reducing manual intervention and chances of errors.
  • Faster time to market: The client achieved faster market time with unified applications and high data integrity and resilience.
  • Effective project governance: Virtusa’s project governance enabled the client to overcome these challenges within a specified timeline and with high-quality deliverables.
Infrastructure that meets the future needs of banking

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