GBST, a leading global provider of wealth management and advice solutions technology for the financial services industry, and Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, have entered into a strategic partnership aimed at delivering end-to-end administration services for wealth, and pensions companies transitioning from legacy IT environments.
This partnership brings together GBST's industry-leading Composer wealth management administration SaaS platform and Wipro's extensive expertise in outsourced administration and contact centre services, to deliver a single offering that includes technology, cyber, risk, and business operations. This collaboration addresses a critical need within the industry, where organisations often face challenges in managing legacy IT systems and multiple service providers simultaneously. By consolidating administration services through a single, integrated platform, companies can streamline operations, reduce complexity, and enhance service delivery to their customers.
“This announcement marks a significant milestone for the financial services industry," said Robert DeDominicis, Global CEO of GBST. “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.”
Chris Smith, CEO Australia and New Zealand, Wipro, said, “We are excited to collaborate with GBST to drive innovation and transformation in the pensions and wealth management space. Together, we will enable organisations to modernise their operations, leverage advanced technologies like GenAI, and deliver superior outcomes for their members.”
GBST and Wipro have extensive experience serving the wealth and pensions markets globally. 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.