GBST, Wipro partner for pension and wealth administration services

Indian IT services major Wipro Limited on Tuesday announced that it has entered into a partnership with Sydney-based GBST, a provider of wealth management solutions, to offer comprehensive administration services for superannuation, wealth, and pension companies transitioning from legacy IT environments.

This collaboration combines GBST's Composer wealth management SaaS platform with Wipro's expertise in outsourced administration and contact centre services. The joint offering includes technology, cybersecurity, risk management, and business operations.

By consolidating administration services into a single integrated platform, the partnership aims to streamline operations, reduce complexity, and enhance service delivery for financial services organisations, the company said in a statement.

“This announcement marks a significant milestone for the financial services industry. 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,” said Robert DeDominicis, Global Chief Executive Officer of GBST.

Chris Smith, Chief Executive Officer – Australia and New Zealand, Wipro Limited, said, “We are excited to collaborate with GBST to drive innovation and transformation in the superannuation and wealth management space. Together, we will enable organisations to modernise their operations, leverage advanced technologies like Generative AI (GenAI), and deliver superior outcomes for their members.”

On June 14, Wipro said in a filing that the company has been chosen by Hanesbrands Inc., a global leader in iconic apparel brands, to enhance its digital transformation, business growth, and long-term profitability. Wipro will leverage its expertise in application management, cybersecurity, intelligent automation, and artificial intelligence (AI) under the new deal, in addition to helping define Hanesbrands' cloud roadmap.

Earlier this month, Wipro announced a partnership with Zscaler to launch an AI-assisted decision support platform. Called the Wipro Cyber X-Ray, this platform aims to help CXOs make better security investment decisions and communicate the cyber security posture of the company to senior leadership and the board.