What Are Wipro's Leading Financial Services Clients

posted on Nov 25, 2021 past Andy Efstathiou

Tags: Capco, Wipro, Industry-specific BPS, Cyberbanking

Wipro caused Capco six months ago, and is Wipro's largest ever acquisition which, if successful, should enable it to compete with tier-i technology and management consulting firms in large-scale, domain critical, transformation projects with financial institutions.

Nevertheless, successful unions are not created at the strategic level, only with disciplined execution that drives client and employee retentiveness and growth. This blog examines early activities and results from this wedlock.

Groundwork

In Q1 2021, Wipro acquired Capco for $i.45 Bn to extend its capabilities in technology and management consulting for the banking and financial services industry. Wipro already had a big presence in BFSI, which currently represents 36% of its revenues, with offerings centered on designing, building, integrating, implementing, and supporting services. Capco'south services are centered on business organisation and engineering consulting and digital transformation services customized for the financial services industry.

Capco's geographic footprint differs from Wipro's, with primal accounts in Europe and North America. In addition, Capco has a network of onshore and nearshore shared consulting capability centers in Europe and N America which back up Wipro moving closer to the client.

Complementary business models

The partners have complementary business models. Capco is a global consultancy focused on financial services, with 96% of its revenues from Europe and N America and a smaller presence in APAC. When comparing Capco's elevation 30 strategic accounts with Wipro's Height 45 strategic accounts, only 5 of the accounts overlap. One year earlier this union, Capco formally launched its insurance practice, which today is accelerating its growth based on its frameworks and accelerators and the ability to bring Wipro resources to deport.

Wipro has a broader geographic presence (including a strong presence in APAC, LATAM, and the Middle E), greater scale, and unique domain offerings (U.S.-based mortgage lending IP and commitment, and Canadian custody services). Together the 2 firms bring an end-to-end fix of services offerings to the marketplace, comparable in scope to the largest IT and consulting services vendors.

The combined Wipro/Capco consultancy is bringing five digital service propositions to market focused on:

Data
Cybersecurity
Client experience transformation
Cloud transformation
Digitization.

The get-to-market strategy is for Wipro and Capco to maintain and manage their individual client relationships and collaborate to identify specific opportunities, through joint planning, to cross-sell services.

During the past vi months, the combined entity has booked 20 new joint deals as a issue of their new GTM strategy and in that location are currently more than than 65 deals in their joint pipeline. The combined house is looking for, and then far winning, larger, more comprehensive deals than either had before this union. Primal examples of new deals won include:

Setting up a new digital-only depository financial institution: 2 deals, one in North America and one in Europe
Customer onboarding awarding rationalization for a provider of fiscal products to banks
Migrating a treasury product awarding suite to the cloud
Custody engagements in Canada: multiple bargain wins engaging both Wipro and Capco offerings.

To power the new strategy, Capco needs to retain its staff and Wipro needs to grow its delivery capabilities in relevant technology areas. Key activities to date include:

Capco has always attracted staff through a strong employee value proffer, supported by a differentiating culture and by offering highly competitive bounty coupled with strict not-competes. These contracts have built a stable, growing workforce
Capco has added >1k employees to its existing 5k employee base over the concluding six months
Wipro has integrated projection delivery into its existing global delivery network.

Go-to-market plans for next 12 months

Over the side by side twelve months, Wipro and Capco will develop joint account plans for their articulation strategic accounts. The primary focus will be on deepening strategic business relationship engagements, with a secondary focus on winning new business relationship logos with engagements that draw on the combined offerings of both Capco and Wipro. Wipro's strategy has been to focus on strong growth from strategic accounts paired with a healthy improver of new clients each year.

Capco has hired four senior leaders to help drive an expansion of its offerings into the APAC marketplace, which will leverage Wipro'due south existing infrastructure and account relationships.

Conclusions

The partners' highly complementary offerings are beingness synthesized into five digital service propositions for the marketplace. Rigorous account direction with clearly defined roles is driving larger, more comprehensive engagements with existing and new clients. Wipro volition be able to raise engagements with existing clients. It is now beginning to compete with vendors on projects requiring cease-to-end services. Success over the long term will crave continued operational discipline, evolving offerings to include a greater custom domain component, and retention of key skillsets. The union is off to a good start.