Wipro and GBST partner to transform wealth management services
BENGALURU, INDIA — Tech giant Wipro Limited has partnered with GBST, a provider of wealth management solutions.
This strategic partnership aims to deliver comprehensive administration services for superannuation, wealth, and pension companies transitioning from legacy IT systems.
Integrated solutions for streamlined operations
The collaboration combines GBST’s cutting-edge Composer wealth management administration SaaS platform with Wipro’s expertise in outsourced administration and contact center services.
This powerful combination offers a single, integrated solution encompassing technology, cybersecurity, risk management, and business operations.
“This announcement marks a significant milestone for the financial services industry,” said Robert DeDominicis, GBST’s Global Chief Executive Officer.
“We see the global market looking for alternative fully outsourced solutions. Under this partnership arrangement, clients can benefit from a modern, best-of-breed, SaaS-based, scalable wealth management administration platform, with IT and back-office services supported by a proven digital transformation partner in Wipro.”
The alliance addresses a critical industry need by consolidating administration services onto a single platform. This enables companies to streamline operations, reduce complexity, and enhance service delivery to their customers.
Driving innovation and digital transformation
Chris Smith, Chief Executive Officer – Australia and New Zealand at Wipro Limited, expressed enthusiasm about the collaboration, saying, “We are excited to collaborate with GBST to drive innovation and transformation in the superannuation and wealth management space. Together, we will enable [organizations] to [modernize] their operations, leverage advanced technologies like Generative AI (GenAI), and deliver superior outcomes for their members.”
Both companies bring extensive experience in serving the wealth, superannuation, and pensions markets globally.
Their combined efforts aim to accelerate the industry’s shift towards modern IT environments, promising enhanced operational efficiency, reduced costs, improved customer experience, and the potential for innovative retirement income solutions.
This partnership marks a significant milestone in the financial services industry, offering a comprehensive solution for companies struggling with outdated systems and multiple service providers.
By leveraging Wipro’s digital transformation expertise and GBST’s advanced SaaS platform, financial institutions can now access a one-stop solution for their administration needs.
Wipro’s challenging year
The partnership comes as Wipro‘s Chairman Rishad Premji acknowledged that FY2024 has been “one of the most challenging years” in the company’s history.
In a candid letter to stakeholders, Premji attributed the IT services giant’s toughest year to a volatile global economy that slashed their clients’ tech spending.
Wipro is a global technology services provider with over 230,000 employees across 65 countries. The company reported revenues of ₹897.6 billion (US$10.8 billion) for the quarter and year ending March 31, 2024. It recently secured the #4 spot in the OA500 2024, an objective index of the world’s top 500 outsourcing companies.
Meanwhile, GBST provides technology and digital solutions for wealth management and advice organizations worldwide.
Founded in 1983, GBST supports over 5.5 million investor accounts and collaborates with more than 100 financial brands. Their Composer platform offers a comprehensive suite of solutions to streamline wealth management administration and ensure regulatory compliance.
