Recognized as ‘A Securities Powerhouse Driving Cognitive Automation’
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 in the ‘Winner’s Circle’ by leading global analyst firm HfS Research, The Services Research CompanyTM, in its first ever ‘Blueprint Report on Capital Markets Operations’, January 2017, authored by Reetika Joshi, Director, Operations & Analytics Strategies, HfS Research.
The ‘Winner’s Circle’ of the HfS Blueprint represents organizations that demonstrate excellence in both execution and innovation across the capital markets operations value chain. The range of operations include BPO (business process outsourcing), BPaaS (business process as a service), utilities and platform-based business services, provided to clients in asset management, investment banking, and brokerage and wealth management.
The report assessed service providers on their ability to work in collaborative models of engagement, actual delivery of solutions, and experience in working across capital markets segments. The blueprint report also evaluated service providers in terms of the progress they made in embedding intelligent automation and their vision for Capital Markets market evolution.
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HfS has recognized Wipro for driving automation and undertaking RPA (Robotic Process Automation) implementations for its clients, the first use case being eKYC, Wipro’s enterprise-Know Your Customer solution for financial Institutions, built on the Wipro HOLMES Artificial Intelligence PlatformTM.
It uses a library of Wipro HOLMES bots to automate the manual processes of KYC, such as information aggregation, extraction and verification and enables greater accuracy, improved customer experience and assurance of better quality KYC, in line with regulatory requirements. The platform has resonated well with Wipro’s marquee clients and is now being offered in more geographies.
The report also highlighted that Wipro has built an industry leading practice for core operations in capital markets, with particular strengths in clearing and settlement, syndicated loans and reconciliations. Wipro works with 3 of the top 5 largest global banks in these areas.
HfS has recognized Wipro for advancing the ‘cognitive’ dialogue in capital markets and making significant headway in RPA implementations. Currently, Wipro has active RPA deployments across eight capital markets clients, with about 50 different BOTs implemented across both rule-based and judgement-based processes.
Nagendra P Bandaru, Senior Vice President and Global Head, Business Process Services, Wipro Limited, said, “We are delighted to be positioned in the Winner’s Circle by the analyst firm HfS Research in its Blueprint report on capital markets operations. Our industry-leading practice has been built on the philosophy of continuous value creation for our customers through flawless execution, deep domain knowledge, and optimal risk management. And our relentless focus on innovation has enabled us to successfully deploy the Wipro HOLMES Artificial Intelligence PlatformTM to drive automation and RPA across our customer landscape, generating significant efficiencies and improved customer experience. We have leveraged our partner ecosystem to launch several differentiated solutions across domains for the ‘as a service’ economy. These initiatives are helping us to consolidate our leadership position in the industry.”
Reetika Joshi, Director, Operations & Analytics Strategies, HfS Research, said, “HfS analysis places Wipro as an industry leader in capital markets, with specific strengths in securities processing. The company has significant experience in running the core operations of banks and capital markets firms, and is now on the forefront of implementing intelligent automation technologies for them, including cognitive tools with its eKYC offering, based on the Wipro HOLMES Artificial Intelligence Platform™. Wipro has multiple partnerships to offer utilities, which will help it get further ingrained as a critical industry player in the next two years.”