As part of a major restructure, Indian financial services outsourcer Polaris Financial Technology will be split into independent services and product divisions.
In a statement released Thursday to India's securities exchange the company announced that the newly formed siloes--operating under separate managers and strategies--would also accommodate five CEOs to run each distinct lines of business.
These include services, global transaction banking, core banking and treasury and capital markets, and insurance products.
"Our new organisation design strengthens our ability to serve our clients by being more customer-centric and agile in responding to their needs," Arun Jain, Polaris chairman and CEO, said in the statement.
In January, the board authorized a task force to review ways to maximize shareholder value. The recommendations included:
- The services division has the ability to partner with any third-party provider, even if they do not use Polaris's product suite.
- Focused R&D investments in each software product line.
- Establish a network of third-party system integrators.
- Provide dedicated client research facilities at FT 8012, Polaris's unique financial technology design centre.