GBST, Wipro join forces on holistic administration service

GBST has partnered with Indian technology conglomerate Wipro to deliver end-to-end administration services for superannuation funds and wealth management firms looking to move away from antiquated IT infrastructure.

The collaboration combines GBST's Composer wealth management administration SaaS platform - which offers a suite of solutions that streamline the administration of wealth management products - and Wipro's expertise in outsourced administration and contact centre services, resulting in an integrated offering that includes technology, cybersecurity, risk management, and business operations.

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

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

GBST chief executive Robert DeDominicis said: "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."

Meanwhile, Wipro chief executive for Australia and New Zealand Chris Smith said: "We're 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 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 improve operational efficiency, reduce costs, improve customer experience, and enable proposition expansion, like innovative retirement income solutions.