UPDATE:Virtusa Corporation recently acquired a majority interest in Polaris Consulting & Services Limited. VirtusaPolaris, our new market-facing identity, represents the unification of strengths that each of the individual entities brings to the table, including strong software engineering heritage, deep domain expertise and focus on applying innovation to solving critical core business issues for clients.
A deep understanding of the lifecycle of money and the role of technology as a value creator
Founded in 1993, Polaris Consulting & Services Limited is a global leader in Financial Technology (FT) for Banking, Insurance, and other Financial Services. Polaris is an expert in digital transformation, with over 25 years of experience and more than 300 clients across the globe. The company has the scale and intellectual capital to tackle programs of any size, yet approach small projects with the care and enthusiasm of a boutique firm. Polaris’ agile structure and innovative methodologies provide clients with fast responses and pragmatic processes that speed results.
Driven by a Solutions Mindset
Polaris is guided by powerful platforms and high performance practices. Its techno-functional capabilities lead industry standard on several parameters. The organization’s specialist capability in providing solutions through delivery is apparent across its full spectrum offerings that include Testing, Infrastructure Management, Business Efficiency, Business Transformation, Data & Analytics, Mobility & Channels, and Risk & Compliance. Today, Polaris’ high performance FT solutions run in over 300 financial institutions around the world.
Designing for Digital Differentiation
As banks and insurance companies embrace digital for competitive advantage, they’re all focussed on the same goal – to provide their customers the same experience at every touch point.
Digital encompasses everything of all types of banking. Its holistic adoption covers Digital OUTSIDE, the experience driver; and Digital INSIDE, the operational excellence enabler. The total customer centricity of Polaris’ philosophy ensures a dramatic shift from disjointed digital activities to strategically aligned digital outcomes.
Digital IN technology manifests in The Apps Vault – An advanced ecosystem with the most comprehensive repository of financial industry apps, engineered for coexistence of legacy, custom build and third party apps, wired for complete front-, mid- and back-end delivery.
Digital OUT technology powers the Ops Hub – Six powerful Digital Ops Hubs that make rapid STP all-pervasive, orchestrate work flows and the optimise the way services are delivered, while ensuring the system remains flexible for change. (Payments Hub, Credit Services Hub, Risk Hub, Customer On Boarding Hub, Funds Control Hub and Collateral & Limits Hub, as well as universal technology product processors that protect customer legacy investments).
Successful digital design harmonises seven essential COPARIS architectures. The four architectures for business include the customer in the centre, design of operations, design of decision making, and design of risk associated with the business. The three enabling architectures encompass technical architecture (apps based, omnichannel), integration architecture (pre-built components) and security architecture (entitlement engine built with the apps).
A Single Purpose to Drive Unprecedented Value through Complexity Reduction
Complexity reduction is Polaris singular obsession. The focus is on the simplification of highly complex systems and processes by leveraging current technologies. Design thinking, a key differentiator in developing solutions for the transformative agendas of CXOs of Banks and financial institutions worldwide, is hardwired into Polaris DNA. Design drives deep differentiation. It results in superior architecture and smarter applications. It unlocks unprecedented value in Business, Technology, and Operations. To this end, Polaris recently launched the world’s first Financial Technology Design Center, 8012 FT Design Center, to engineer solutions that drive unprecedented value by uniquely connecting business, technology, and operations, in its collaborative design process.
The company has a global presence through its 40 relationship offices across 30 countries, 6 international development centers, and 8 fully owned Business Solution centers. Polaris has talent strength of over 8,500 solution architects, and domain and technology experts.
Nurturing a High Performance Work Culture
Polaris is a people-oriented enterprise. It nurtures a high performance work culture that is reflected in the leadership qualities and the spirit ownership of its employees. These traits are encouraged through its exclusive Konark community and Lakshya visioning exercise.
The Konark program was instituted in 1995 to recognize and unleash the potential of individuals and teams to drive a high performance work culture. Konarks are change agents who embody the Polaris culture and anchor critical enterprise initiatives. Collaborative learning design begins here!
Lakshya is a free flowing open space platform to explore the organization’s directions for the next 5 years without loading it with current constraints. A human mind has a subconscious which takes a lot of complex decisions without loads of systems and processes. Similarly, the organizations also have a subconscious which can be used for its better alignment. Lakshya is a process which builds this subconscious thinking. Lakshya uncovers the ‘Don’t know what I don’t know’ zones. The bottom-up approach helps in spotting new opportunities and mines better.
In articulating what ‘living the Polaris brand’ is, the core building blocks are Knowledge, Leadership, and Values. To help realize individual and enterprise potential, each of these facets have been deconstructed into essential attitudes and behavior patterns. Polaris believes that value creation grows as customer relationships mature with time. Relationship, expertise, Technology, Intellectual Property and Global Reach are the routes that enable the company to come closer to its customers worldwide.