Virtusa Partners with People’s United Bank to Launch New Customer-Decisioning Hub with Virtusa’s vEngage

Rhea-AI Summary

Virtusa Corporation has announced that People’s United Bank is utilizing its vEngage solution, built on Pega Customer Decision Hub and Adobe Experience Platform, to enhance customer decisioning capabilities. The collaboration aims to improve the bank's ability to predict customer needs and deliver tailored financial services, leveraging a 360-degree view of customer interactions. With over $63 billion in assets, People's United Bank is focused on retaining customer loyalty through personalized experiences as digital banking grows more competitive.

Positive

• Virtusa's vEngage solution enables enhanced customer decision-making and personalization.
• Leveraging Pega and Adobe platforms brings advanced analytics and outreach capabilities.
• Partnership with People's United Bank strengthens Virtusa's position in the financial sector.

Negative

• None.

vEngage Built on Pega Customer Decision Hub and Adobe Experience Platform

SOUTHBOROUGH, Mass., April 20, 2021 (GLOBE NEWSWIRE) -- Virtusa Corporation, a global provider of digital strategy, digital engineering, and IT services and solutions today announced that People’s United Bank is leveraging its vEngage solution built on Pega Customer Decision Hub™ and Adobe Experience Platform to power the financial institution’s new customer decisioning hub. People’s United Bank is using the engine to enhance its ability to anticipate customers’ financial needs and deliver personalized services to retail and business customers.

A subsidiary of People's United Financial, Inc. (NASDAQ: PBCT), People's United Bank is a diversified financial services company offering commercial and retail banking as well as wealth management services. With more than $63 billion in assets, the bank is committed to meeting the ongoing needs of its customers, which includes anticipating and solving problems. With vEngage, People’s United Bank can access a 360-degree view of each customer’s digital journey and how they are interacting with the business. With this insight, the bank can fully understand each client’s needs and address them at precisely the right time.

“Whether in one of our branches or online, People’s United Bank has long understood the importance of being attentive to our customers across their individual customer journeys,” said James Roy, Senior Vice President Digital Marketing of People’s United Bank. “We are excited about our work with Virtusa, which is helping us expand our client-centric capabilities by designing and deploying a new customer decisioning engine, powered by Pegasystems. By deploying modern decisioning capabilities and automated orchestration that further strengthens our ability to personalize customers’ digital experiences, we can continue to meet the unique needs of each customer as they engage with us through multiple digital channels.”

With digital banking continuing to grow, the ability to personalize at scale has become a competitive differentiator. According to a KPMG study, customers consistently rank banks with great personalization capabilities as best in class. Built on the Pega Customer Decision Hub™ and Adobe Experience Platform, Virtusa’s vEngage helps banks modernize their sales and marketing efforts by providing them with a single source of truth that they can use to anticipate customer needs and then deliver relevant and compelling experiences, wherever they interact with the customer.

“In the age of digital banking, consumers and businesses have unlimited choices. For many, this decision is being based on the institution’s ability to personalize their experiences, and adapt to their needs,” said Sanjay Deshpande, Executive Vice President and Head of Banking and Financial Services, Americas of Virtusa. “We are excited to work with partners including Pegasystems and Adobe to help evolve the bank’s customer commitment as more and more customers engage with them online for critical financial guidance.”

With vEngage banks gain an array of new features such as the opportunity to:

• Achieve a significant uptick in loyalty platform engagement and redemption rates.
• Create and manage offers, configure and launch campaigns, segment management and lead creation. With the help of Pega Customer Decision Hub, they can then determine the most profitable customers for each pitch campaign or offer based on the likelihood of a positive response.
• Once a customer profile is matched with a specific offer, vEngage automates customer outreach through an outbound email system. Using a predictive analytics engine, teams can then refine messaging based on the person’s previous responses to offers and outreach mail.
• Leverage AI for cognitive processing to deliver a better customer experience with Hyper-personalized, 1-to-1 marketing campaigns.
• Data-backed recommendations for “Next Best Offer,” “Next Best Communication,” and “Next Best Action.”
• Expand next-best-action capabilities into new channels (SMS, mobile app, chatbot), cross-channel, dynamic content for personalization, integrate with contact center (Salesforce Service Cloud).

About Virtusa
Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in the Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.

Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption.

Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.

Doug Fraim
Conversion Marketing
doug@conversionam.com 

FAQ

What is Virtusa's new partnership with People's United Bank about?

Virtusa's partnership with People's United Bank focuses on using its vEngage solution to enhance customer decisioning and personalization in banking services.

How does the vEngage solution benefit People's United Bank?

The vEngage solution helps People's United Bank predict customer needs and deliver tailored services, enhancing overall customer experience.

What platforms does Virtusa's vEngage solution utilize?

The vEngage solution is built on the Pega Customer Decision Hub and Adobe Experience Platform.

How much assets does People's United Bank manage?

People's United Bank manages over $63 billion in assets.

Why is personalization important for banks according to the press release?

Personalization is crucial for banks as it serves as a competitive differentiator in the growing digital banking landscape.