Anil Awasthi

Anil heads the retail banking practice at Virtusa where he is responsible for capability enhancement, solutioning, building best practices and thought leadership. With over 17 years of technology experience in the financial services industry, he is regarded as a true agent of change and digital innovation by clients worldwide. Anil is an ROI driven business leader who is passionate about faster products and platforms. His financial technology experience spans - API banking, blockchain, cards & payments, core banking, customer experience, digital banking, fintech and lending. From an IT perspective, his expertise lies in IT strategy, business architecture, technology rationalization, application modernization, data science, program governance and solution delivery. Anil is an avid writer who has been featured in the American Banker, Data Quest and The Digital Banking Club. Prior to Virtusa, Anil worked with Syntel where he was the Engagement Manager for a leading American Financial Institution. His other stints include a technical lead at IBM and an associate consultant at Ernst & Young. Anil holds a B.Tech in Computer Sciences from the Open University of British Columbia and is a certified CSQA, PMP, OCP and IBM Blockchain professional.

Posts by Anil Awasthi

Future Proofing Banking

In an article published by Reuters in November 2017, the Bank of England stated that banks may be underestimating the fintech threat. Today, fintech firms and alternative providers are encroaching into every function of the bank. These new kids on the block specialise in specific processes or use cases and are leveraging banks as a 

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Impact of Open API economy and microservices on financial industry

The advent of open API economy has potential to unleash a new wave of changes in the financial services industry.  Bank Regulators are looking to drive better deals for the customers by generating more competition by innovating customer information sharing, transaction initiation, and payment mechanisms. Their efforts, along with changing customer sentiment, are creating both 

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The Unfolding Future of Bank Branches

‘Trust’ and ‘Transparency’ have always been the cornerstones of stakeholder expectations in the banking industry. Since 2008, there has been a constant deficit on both fronts, resulting in heavy regulatory penalties, right sizing of banks and several other long-term implications on the economy. Since then, banks have taken up the responsibility of rebuilding customer trust 

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Smart Contracts and the Automation of Trust

Blockchain and its related technology has gained significant attention across industries. The financial industry has begun to realize the potential of it. It’s very well known that blockchain technology decentralizes decision making and fosters decision by consensus (in technical terms, proof of works where all participating miners are expected to solve a given mathematical problem). 

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How geolocation mapping can safeguard customers’ financial transactions

The customer is always at the centre of innovation. New business propositions are being tested out almost daily to deliver services that provide engaging experiences and more convenience. Contactless payments are a great example of an innovation that has made customers lives easier. And with the Internet of Things now becoming a reality, the coming, 

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How PSD2 is set to impact the payments industry

On 24th July 2013, the European Commission outlined proposals around the Payment Services Directive 2 (PSD2). One key element, is the ‘access to accounts’ proposal, which will require banks to open their customers’ accounts to Third Party Payment Providers (TPPs). So far, banks have been operating in a closed loop – this proposal will change that. 

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