East Brunswick, New Jersey, USA and Bangalore, India – July 27, 2020: Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading global information technology, consulting and business process services company, today announced that it has been positioned as a Leader and Star Performer in Everest Group PEAK Matrix® for Open Banking IT Service Providers 2020.
The report analyzed changing dynamics of the open banking IT services landscape and assessed capabilities of 24 service providers across key dimensions. Open banking has evolved rapidly from being a regulatory initiative to a core strategic imperative for transforming the banking business model. This has led to significant investments in digital transformation as well as collaboration with partners to deliver personalized propositions and enhanced customer experience.
Wipro is well-positioned on account of its investments in digital, platform and ecosystem strategies to enable this transformation across the value chain. Various case studies highlight the depth and breadth of experience across the entire spectrum of the emerging ecosystems and business models. The team of analysts recognize strategic investment, rich experience and key partnerships to help deliver value to Wipro’s clients globally.
“A mix of regulatory and market forces is driving Banking and Financial Services firms to develop an open and collaborative environment to build a financial services/products ecosystem. Open banking has been a key enabler in changing the role of BFS firms from financial services providers to lifestyle experiences orchestrators,” according to Ronak Doshi, Vice President, Everest Group. “Wipro has achieved significant market success including key deal wins for PSD2 open API creation and testing, and credible investments in an open banking Application Programming Interface suite to enhance developer productivity. A strong client recognition for its transparent communication and talent upskilling/reskilling initiatives, has helped Wipro strengthen its market positioning and earn the title.”
Harpreet Arora - Global Head – Consulting, Strategy & Insights, BFSI, Wipro Limited said, “We have made significant investments in open banking API platform that continues to accelerate digital transformation and co-innovation for our clients. We help them create competitive business advantage beyond delivering on regulatory requirements. As Open banking gains more mainstream focus, we will continue to invest in this capability through domain and digital led innovation; helping drive business outcomes for our clients.”
To view the full report, please click here
About Wipro Limited
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading global information technology, consulting and business process services company. We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful. A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 180,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future.
The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, 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. The conditions caused by the COVID-19 pandemic could decrease technology spending, adversely affect demand for our products, affect the rate of customer spending and could adversely affect our customers’ ability or willingness to purchase our offerings, delay prospective customers’ purchasing decisions, adversely impact our ability to provide on-site consulting services and our inability to deliver our customers or delay the provisioning of our offerings, all of which could adversely affect our future sales, operating results and overall financial performance. Our operations may also be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control. Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. 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.