Joint Venture Pumps Robotics Into Financial Services

A joint venture from VirtusaPolaris and IT consulting firm WorkFusion is looking to give the banking and financial services sector a boost through robotics and automation. The collaboration, revealed Tuesday (April 26), is reportedly targeting FIs’ outdated tools and systems to jumpstart the sector’s ability to operate in the modern market.

“Most financial services organizations continue to struggle with inefficient legacy systems that have not kept pace with the change in business and regulations, introducing gaps in process automation that negatively impact efficiency of business operations,” said VirtusaPolaris global solutions head of Banking and Financial Services Bob Graham in a statement.

The executive explained that WorkFusion will provide its robotics and automation technology with VirtusaPolaris’ consulting services to help financial institutions and FinServ firms implement and deploy these tools, provided in the form of software.

According to Graham, doing so can “allow customers to improve quality through greater accuracy and the removal of human error, reduce costs through rapid automation of manual tasks, and accelerate time to market with our proven delivery approach.”

The companies highlighted WorkFusion’s Smart Process Automation technology capabilities, an area that combines robotics, cognitive automation and workforce management. The company aims to improve corporate processes by nixing manual tasks through artificial intelligence and automation, the firm said.

“Shared services, back- and middle-office operations teams are realizing the combined value of robotic and cognitive automation,” said WorkFusion COO Alex Lyashok in a statement. “They use our software to improve the efficiency of processes that range from accounts payable and invoice processing to know your customer and claims processing.”