Who Is This Vendor Assessment For? NelsonHall’s retail banking BPS vendor assessment for Wipro is a comprehensive assessment of Wipro’s retail banking BPS offerings and capabilities designed for: Sourcing managers monitoring the capabilities of existing suppliers of capital market process outsourcing and identifying vendor suitability for retail banking BPS RFPs Vendor marketing, sales and business managers looking to benchmark themselves against their peers Financial analysts and investors specializing in the support services sector.
Key Findings & Highlights This NelsonHall assessment analyzes Wipro’s offerings and capabilities in retail banking services. Wipro is one of a number of retail banking services companies analyzed in NelsonHall’s comprehensive industry analysis programs. Overview Wipro’s BPS business accounts for 10.6% of its overall revenues. Wipro BPS has 36k employees, of which 8.5k serve the BFSI industries, and 2.7k serve the consumer banking industry. This report focuses on Wipro’s retail banking BPS services, which started in 2002 with the acquisition of Spectramind. Since then, Wipro has expanded its services in retail banking while partnering with some of the leading banks across the world. Its retail banking services now cover a full spectrum of card servicing on voice, back-office, and compliance with a global delivery footprint across India, U.S., APAC, and Europe. Wipro has also added numerous finance and accounting clients and process excellence consultancy services to its retail banking portfolio over the past two years. In 2003/2004, Wipro started in mortgage processing BPS services, by providing data entry services for loan onboarding for a mortgage originator. From 2004 to 2007, these services expanded to include multi-channel data acquisition and entry for mortgages. In 2008, Wipro acquired Gallagher Systems, a software and services vendor for mortgage processing; this acquisition established Wipro as a full service mortgage and loan BPS and software vendor. Next, Wipro added account processing services (reconciliation, KYC, AML, complaint remediation, emerging payments support) as an extension to the account processing services it was delivering to capital markets clients. Finally, in the past three years, Wipro has started providing analytics and research services to the banking industry by expanding its engagements with its existing banking clients. Wipro retail banking BPS delivers services from thirteen delivery centers: India: Pune Hyderabad Chennai Mumbai Delhi U.S.: Atlanta Illinois Florida: three centers Manila Curitiba, BZ Shannon, IRE. Wipro’s primary targets for retail banking BPS are: Tier one retail banks Large regional banks Card issuers Regional mortgage lenders Mortgage and retail banking service vendors. The majority of Wipro’s retail banking BPS business supports the U.S