Polaris Financial Technology, a company specializing in financial technology for banking, insurance and other financial services, is restructuring its businesses into separate services and products divisions. Both divisions will have independent management teams and strategies aligned to their respective customers' needs.

Earlier in January 2013, the Board of Directors of the company authorized the management team to explore options that would provide an impetus for the next stage of its growth and maximize shareholder value. This was done based on leadership deliberations and recommendations from Boston Consulting Group (BCG). Eventually, a taskforce was set up with senior leaders in the company, led by Jaideep Billa and comprising Natarajan Narayanasamy, Anil Verma and Rajesh Saxena.

As per the plan by the taskforce, the company is appointing five CEOs for each distinct line of business across services and products for greater customer focus and agility. Polaris veteran Govind Singhal will guide the enterprise-wide change process from the Office of the Chairman.

Arun Jain, chairman and chief executive officer at Polaris Financial Technology, commented that the move represents a tremendous opportunity to drive value for Polaris customers.

According to Jain, the new organization design will now help the company to serve its clients by being more customer-centric and agile in responding to their needs and also design solutions to deliver unprecedented productivity gains for customers.

The taskforce has also decided to have focused R&D investments in each product line and increased solution architects footprint in markets. Plans are there to help clients to leverage the power of the Intellect (News - Alert) suite of products through a network of third-party system integrators and also provide dedicated client research facilities.

Polaris Financial Technology recently launched its 8012 FT Design Center, which is claimed to be the world's first center dedicated to financial technology. The center is equipped with a holistic array of product offerings, domain-rich solutions, proprietary frameworks and methodologies to craft impactful solutions.