GBST And Wipro Partner To Consolidate Enterprise Financial Administration Services

In a bid to streamline operations and enhance processes, financial services companies turn to software products that boost productivity, turnaround time and efficiency.

However, one challenge that they face in the push to achieve this is dealing with numerous service providers and outdated IT (Information Technology) infrastructure in the form of software, hardware and systems.

This is what Wipro, a leading technology services and consulting company, along with GBST (Global Banking & Securities Transactions), a leading global provider of wealth management and advice solutions technology for the financial services industry, are looking to solve with their new partnership.

So, what will the partnership between the two companies offer? Let’s explore!
 

What Is The Wipro And GBST Partnership About?

 

• Through press releases published on Wipro’s and GBST’s website, the two companies announced they have entered into a strategic partnership that aims to deliver administrative services to financial companies transitioning from legacy IT environments.

• The plan is to offer end-to-end administration services for superannuation, wealth and pensions companies.

• The partnership will leverage GBST’s Composer platform blended with Wipro’s expertise in outsourced administration and contact center services to create and deliver a single product that consists of technology, cyber, risk, and business operations. 

• GBST’s Composer platform is a wealth management administration SaaS technology solution that enables advised and D2C (direct-to-consumer) investment platforms, superannuation funds, life and pension firms and employee savings schemes to improve efficiency and remain compliant.

• Together, Wipro and GBST bring in their vast experience serving the wealth, superannuation and pensions markets globally.

• Their new partnership will help organizations overcome one of the most commonly faced challenges in the industry; managing legacy IT systems and multiple service providers simultaneously.

 

What Will The New Platform Offer Customers?

 

• The platform offers a wide range of solutions streamlining the administration of wealth management products, from the distribution channel to the back office.

• It offers the consolidation of services through a single platform, which helps drive operational efficiency, risk reduction and automate business processes and trading.

• The consolidation of administration services offered through a single, integrated platform will allow companies to streamline operations, reduce complexities and enhance service delivery to customers.

• “Through this partnership, the two companies aim to accelerate the industry’s shift towards modern IT environments that enhance operational efficiency, reduce costs, improve customer experience and enable proposition expansion like innovative retirement income solutions.”

 

What Did Stakeholders Say?

 

• Robert DeDominicis, Global CEO of GBST, said, “This announcement marks a significant milestone for the financial services industry ... We see the global market looking for alternative fully outsourced solutions.”

• [Contd.] “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.”

• Chris Smith, CEO Australia and New Zealand, Wipro, said, “We are excited to collaborate with GBST to drive innovation and transformation in the superannuation and wealth management space.”

• [Contd.] “Together, we will enable organizations to modernize their operations, leverage advanced technologies like GenAI, and deliver superior outcomes for their members.”

Recently, we reported on Hanesbrands Inc. extending their partnership with Wipro to drive digital transformation, enhance business growth and boost long-term profitability.

Do you think Wipro’s partnership with GBST will help both companies grow their customer base and garner a better market position? Do you think competitors should make similar moves?

Let us know in the comments below!