Wipro and GBST announce partnership to transform wealth management IT services
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a global leader in technology services and consulting, has partnered with GBST, a top provider of technology solutions for the financial services sector, focusing on wealth management and advisory services. This strategic alliance is set to deliver comprehensive administration services for superannuation, wealth, and pensions companies, specifically targeting transitions from outdated IT systems.
The partnership will integrate GBST’s Composer, a leading wealth management administration Software-as-a-Service (SaaS) platform, with Wipro’s extensive capabilities in outsourced administration and contact center services. This combined offering aims to provide a holistic service that includes technology, cybersecurity, risk management, and business operations. By leveraging a single, integrated platform, the collaboration addresses the common industry challenges associated with managing legacy IT systems and coordinating multiple service providers.
Robert DeDominicis, Global Chief Executive Officer of GBST, highlighted the significance of this partnership: “This announcement marks a significant milestone for the financial services industry. With the global market shifting towards fully outsourced solutions, our partnership with Wipro allows clients to access a modern, scalable SaaS-based wealth management platform, supported by comprehensive IT and back-office services.”
Chris Smith, Chief Executive Officer – Australia and New Zealand at Wipro Limited, expressed enthusiasm about the collaboration’s potential: “We are excited to work with GBST to drive innovation and transformation in the superannuation and wealth management sector. Together, we aim to modernize operations, incorporate advanced technologies like Generative AI, and ultimately deliver superior outcomes for members.”
The partnership between Wipro and GBST is designed to accelerate the transition of wealth management services to modern IT environments that not only enhance operational efficiency but also reduce costs, improve customer experiences, and facilitate new service offerings such as innovative retirement income solutions. Both companies bring extensive experience in serving the global wealth, superannuation, and pensions markets, setting the stage for significant advancements in the industry.