Wipro, the fourth-largest software services exporter in India, is focusing on leveraging artificial intelligence (AI) and cloud computing to drive growth in the banking, financial services, and insurance (BFSI) sector. With the BFSI sector contributing 35% of its revenue in FY23, Wipro is betting on these emerging technologies to further enhance its offerings and increase profitability in this key sector.
One important aspect of Wipro’s growth strategy is its recent acquisition of Capco, a British consultancy. With this $1.45 billion acquisition, Wipro aims to strengthen its consulting capabilities, particularly in the BFSI sector. Suzanne Dann, Wipro’s CEO for Americas 2, stated that they have already signed numerous synergy deals with Capco, expanding their footprint in the consulting space. Wipro’s extensive investments in its Cloud business, including the formation of Wipro FullStride Cloud, along with its strategic partnerships, have set it apart from the competition.
Within the BFSI sector, Wipro is focusing on high-growth areas like insurance. The company aims to diversify towards higher-margin accounts while helping clients in this sector drive efficiencies and build future-proof businesses. By applying technology to operations, such as digital claims processing and AI underwriting, Wipro aims to deliver tangible benefits to insurance companies in terms of cost savings and improved processes.
In addition to its focus on emerging technologies, Wipro is also expanding its consulting capabilities. Wipro’s deep presence in this sector gives it a significant competitive advantage, and the company expects this part of its business to play an even bigger role in its growth. By driving synergies between consulting and other business lines, Wipro aims to build stronger relationships with clients. The company is also expanding its geographical presence in the BFSI consulting space, offering new services in India, West Asia, and Asia.
In the midst of an uncertain macro environment, where companies are prioritizing cost optimization and increased efficiencies, Wipro is helping clients invest wisely. By advising clients on short-, mid-, and long-term strategies, Wipro gains better visibility into their thinking and plans, enabling them to stay ahead of their clients’ needs. Clients are reassessing their investment strategies, with a focus on driving efficiencies from Cloud investments, expanding AI and automation engagements, and better managing risks through AI and analytics capabilities.
Overall, Wipro’s strategy of investing in AI, cloud computing, and consulting services is aimed at enabling its clients to navigate a changing business landscape effectively. By providing innovative solutions and advisory services, Wipro aims to deliver value to its BFSI clients and sustain its growth in this critical sector.