In 2021, HFS Research evaluated the capabilities of the world’s top providers of banking and financial services. Their report ranked Wipro fourth among the top ten organizations.
“Wipro’s continued investment in its BFS capabilities, including its recent mega-acquisition of Capco, helped it secure the #1 position in growth, #2 spot in strategy and vision, and the #2 spot in depth and breadth of capabilities.”
Key differentiators called out in the report
Approach to BFS
“Wipro goes to market by subdomains aligned under banking and capital markets pillars. When Thierry Delaporte took the reins as CEO in 2020, he implemented a new, simplified organizational structure with industries aligned to regions and complemented by horizontal service lines for delivery. The simplified model is helping Wipro bring its broad range of capabilities to bear for BFS clients seeking transformative end-to-end solutions. Its Capco acquisition has significantly sharpened the tip of its consulting spear.”
Growth proof points
“Its March 2021 acquisition of Capco was its biggest ever, adding 5,000 consultants and 30+ net new clients. This was also complemented by other more modest domain acquisitions in the BFS realm like Encore Theme. The firm has also increased its investment in its emerging tech ventures arm from $100M to $250M, often bringing its portfolio companies in on active deals. The firm invests ~1% of revenue annually in R&D.”
Contribution of BFS to overall business
“Wipro reports BFS revenue as part of its larger BFSI segment. In FY21, it represented 31% of the firm’s revenue, making it the firm’s largest segment. This excludes Capco.”
Key differentiators
“The Capco acquisition jacks up Wipro’s BFS consulting headcount from 2,000 to 7,000, giving it one of the largest BFS talent pools outside of the Big 4.”
OneOffice alignment
“Its reorganization and simplification are good steps toward OneOffice internal alignment for Wipro. This is additionally supported by its Quantum initiative to digitally transform its operations to drive EX and CX benefits.”
Customer kudos
“Customers value Wipro for its speed, quality, and flexibility. It is generally viewed as a strategic partner.”
