The Everest Group assessed 31 leading banking operations service providers on the Everest PEAK Matrix® 2022 based on absolute market success, and overall capability and categorized them into ‘Aspirants’, ‘Major Contenders’, and ‘Leaders’. Wipro was positioned as a ‘Leader’ in this assessment.
“Lower interest rates and stricter regulatory controls combined with shifting consumer preferences are leading to unprecedented changes in the banking landscape. Under such pressure, financial institutions are looking to explore new digital interventions to transform their operations and enhance customer experience,” said Manu Aggarwal, Partner, Everest Group. “Wipro, with its deep domain expertise and recent investments in acquiring consulting capabilities and augmenting its digital assets, has a strong focus on risk and regulatory compliance and seeks to empower banks and fintechs in their digital transformation journeys.
Wipro combines its deep domain expertise across the banking BPO value chain, along with technology capabilities and proprietary IP assets including its AI platform, Wipro HOLMES™ and NetOxygen platform for lending solutions to strengthen its BPaaS offerings. Its recent acquisition of Capco has help bolster its consulting capabilities:
- Wipro has focused on expanding the footprint in Continental Europe, the UK, and India, primarily in the lending space, and making advances in the payments disputes and chargebacks business with the fintech buyer segment
- Wipro continues to strengthen its FCC competencies through collaboration with RegTechssuch as Mambu. Reference buyers have also appreciated Wipro’s FCC capabilities in AML space
- It has augmented its in-house technology offerings by targeted acquisitions such as VARA Infotech in banking operations. It is also investing significantly in fintechs through its flagship program, Wipro Ventures
- It has also enhanced its delivery footprint in both onshore and offshore locations by adding centers in both the US and India