Indian technology services and consulting company Wipro has partnered with GBST to modernise superannuation and wealth administration services.

The partnership will offer end-to-end administration services for superannuation, wealth, and pensions companies migrating from legacy IT environments.

By combining GBST’s Composer wealth management administration software-as-a-service (SaaS) platform and Wipro’s expertise in outsourced administration and contact centre services, both parties aim to provide a single offering.

It will encompass technology, cyber, risk, as well as business operations.

The alliance is also aimed at addressing a critical requirement within the industry, where institutions are faced with challenges in managing legacy IT systems and multiple service providers at the same time.

By integrating administration services through a single, unified platform, companies will be able to optimise operations. They will also be capable of reducing complexity and improving service delivery to their customers.

Wipro Australia and New Zealand CEO Chris Smith said: “We are 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 Generative AI (GenAI), and deliver superior outcomes for their members.”

Wipro and GBST aim to expedite the sector’s shift towards modern IT environments through this partnership. This will help boost operational efficiency, cut costs, enhance customer experience, and enable proposition expansion such as new retirement income solutions.

Based in Australia, GBST offers wealth management and advice solutions technology for the financial services industry.

GBST global CEO Robert DeDominicis said: “This announcement marks a significant milestone for the financial services industry.

“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.”