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.”