Wipro partners with GBST to transform superannuation and wealth administration services

Indian technology company Wipro has partnered with GBST, a leading global provider of wealth management and advice solutions technology for the financial services industry.

The partnership aimed at delivering end-to-end administration services for superannuation, wealth, and pension companies transitioning from legacy IT environments. 

Addressing a critical need within the industry

Notably, the partnership brings together GBST's Composer wealth management administration SaaS (Software-as-a-Service) platform and Wipro's extensive expertise in outsourced administration and contact centre services, to deliver a single offering that includes technology, cyber, risk, and business operations.

The collaboration addresses a critical need within the industry, where organisations often face challenges in managing legacy IT systems and multiple service providers simultaneously, the company said in a release.

By consolidating administration services through a single, integrated platform, companies can streamline operations, reduce complexity, and enhance service delivery to their customers.

What is Composer?

Composer is a wealth management administration SaaS technology solution. It helps advised and D2C investment platforms, superannuation funds, life and pension firms, and employee savings schemes improve efficiency and ensure regulatory compliance.

The platform offers a comprehensive suite of solutions to streamline the administration of wealth management products from the distribution channel to the back office. 

It supports multiple investment products and asset types, including the management of model portfolios. It enables business consolidation onto a single platform, driving operational efficiency, reducing risk and automating business processes and trading.

Leadership comments

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

“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.” 

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." 

Through this partnership, the two companies aim to accelerate the industry's shift towards modern IT environments that enhance operational efficiency, reduce costs, improve customer experience, and enable proposition expansion like innovative retirement income solutions.