GBST & Wipro join forces to drive critical digital uplift of wealth orgs

Patrick Buncsi

19 June 2024

Australian wealthtech developer GBST has confirmed a strategic partnership with Indian tech giant Wipro, with the pair promising wealth sector clients a one-stop-shop solution to support their legacy technology transformation initiatives.

GBST global chief executive Robert DeDominicis touts the partnership as a “significant milestone for the financial services industry”, promising a new avenue for superannuation, wealth, and pensions organisations seeking a fully outsourced technology arrangement.

Under the new partnership deal, DeDominicis said, wealth sector clients will be able to leverage GBST’s “best-of-breed, SaaS-based, scalable administration platform”, Composer, with backing from Wipro’s IT administration and back-office services.

Composer is an all-in-one wealth management administration and product management platform, which centralises back-office operations. More than two million investor accounts, primarily from boutique investment firms, are currently signed on to the platform.

The pair said the new partnership will address a critical need within the wealth sector to manage “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 in a statement.

It added: “Through this partnership, the two companies aim to accelerate the industry’s shift towards modern IT environments that enhance operational efficiency, reduce costs, improve customer experience and enable proposition expansion like innovative retirement income solutions.”

Chris Smith, Wipro chief executive for Australia and New Zealand said the firm was “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.”

GBST has an established client base of more than 100 financial brands across Europe, Australia, New Zealand, the US, Canada, and the UAE, with its technology solutions used by more than 5.5 million investor accounts under administration.