Wipro gets recognition for IT Outsourcing in Banks

Wipro has announced that it has been cited as a “Leader” and “Star Performer” by the Everest Group in its recently released report “IT Outsourcing in Banking – Service Provider Landscape with PEAK Matrix Assessment 2014”.

The study analyzed the capabilities of 28 leading Applications Outsourcing service providers, specific to the global banking sector which was mapped on Everest Group’s Performance, Experience, Ability, Knowledge (PEAK) Matrix.  In the report, the Everest Group recognized Wipro’s Banking & Financial Services and Insurance (B&FSI) unit for showing the strongest forward movement on the PEAK Matrix, both in terms of market success and capability advancements.

Rajan Kohli, Senior Vice-President & Head – Banking & Financial Services, Wipro, said, “This recognition is reflection of the confidence our clients have in us and our focus on execution excellence. We continue to make investments in technologies, platforms and innovative value propositions that help our banking clients enhance revenue, reduce cost and manage their risk better.”

Jimit Arora, Vice-President, Everest Group, stated, “In an environment where banks are focussed on revenue expansion, cost control, and managing compliance spend, we are witnessing consolidation of spend to fewer, high-performing service providers. Wipro’s investments in the domain-centric solutions and solid account management resulted in top-quartile performance in Banking AO deal activity and revenue growth, and contributed to the rating of Leader and Star Performer in the Everest Group PEAK Matrix.”

The Banking Applications Outsourcing market, represented by 28 service providers, scaled up to US$6.3 billion in revenue and 175,000 FTEs spread across 20+ delivery countries.