Bangalore, India, London, UK and East Brunswick, New Jersey, USA - June 15, 2015:
Wipro Ltd. (NYSE:WIT), a leading global information technology, consulting and business process services company, today announced the first rollout of 'enterprise-Know Your Customer (e-KYC)', an automation solution for global financial institutions, built on the company's Artificial Intelligence platform 'Wipro HOLMES'. The solution, being offered as Business-Process-as-a-Service (BPaaS), will address the requirements of banks, insurance companies, brokerage firms and non-banking financial institutions, in a 'services and outcome based' business model.
Know Your Customer (KYC) is a business process to verify the identity of customers. Evolving regulatory reforms require financial institutions to significantly strengthen their KYC and customer on-boarding processes and practices. As a result, the processes around the collation, validation, safeguarding and monitoring of potential customers' identification and financial information have become crucial.
Wipro HOLMES, an outcome of four years of research and development, and built on open source technologies, addresses key domains in cognitive computing. Software bots built on Wipro HOLMES platform can be used to automate industry specific business processes. Wipro HOLMES leverages semantics, machine learning, pattern recognition and knowledge modeling technologies to enable solutions that add valuable context, intelligence and automation to enterprises.
Wipro's e-KYC solution uses a library of Wipro HOLMES bots to automate the manual processes of KYC, such as information aggregation, extraction and verification.
The solution will help clients achieve cost savings upto 35%. It will also enable greater accuracy, improved customer experience and assurance of better quality KYC, in line with regulatory requirements. This solution has been designed around key aspects such as natural interaction, multi-structured information processing, machine learning and reasoning.
Nagendra P Bandaru, Senior Vice President and Global head, Business Process Services, Wipro Ltd, said, "Post the last global financial downturn, regulators have raised the bar on KYC obligations, because a sound KYC process is integral to a robust financial services ecosystem. We are confident that our enterprise-KYC solution will help our customers in the financial services industry fulfill their regulatory obligations in a significantly more effective and efficient manner."
Wipro BPS is a global leader in providing next generation technology-led business process services to global enterprises. Its industry focus spreads across banking and financial services, telecom, insurance, healthcare, manufacturing, retail, transportation, energy and utilities value chains.
About Wipro Ltd.
Wipro Ltd. (NYSE:WIT) is a leading Information Technology, Consulting and Business Process Services company that delivers solutions to enable its clients to do business better. Wipro delivers winning business outcomes through its deep industry experience and a 360-degree view of "Business through Technology" - helping clients create successful and adaptive businesses. A company recognized globally for its comprehensive portfolio of services, a practitioner’s approach to delivering innovation, and an organization-wide commitment to sustainability, Wipro has a workforce of over 150,000, serving clients in 175+ cities across 6 continents. For more information, please visit www.wipro.com.
Media contact:
Prathibha Das
+91 80 39918073
prathibha.das@wipro.com
Forward-looking and Cautionary Statements
Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property, and general economic conditions affecting our business and industry. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.
