Wipro Shares in Focus After Multi Year Deal with TruStage to Transform Retirement Services Operations
Shares of Wipro Ltd. are likely to remain in focus on Thursday, March 12, after the IT services company announced a multi year contract with US based insurance and financial services provider TruStage to modernize its retirement services business.The partnership centers on a large technology and operations transformation program aimed at improving operational efficiency, strengthening customer experience, and supporting long term business growth.
Wipro to Lead Technology and Operations Transformation
According to the company's announcement, Wipro will lead the modernization of TruStage's core retirement services operations. The program will involve upgrading technology infrastructure and streamlining operational processes across the business.The transformation will include an integrated approach covering business process improvements, technology infrastructure management, and IT services delivery. Wipro will also establish a global operating model to oversee and coordinate the wider vendor ecosystem supporting the project.
Focus on Digital and Customer Experience
Wipro Chief Executive Officer and Managing Director Srini Pallia said that customer expectations in the financial services industry are evolving, with increasing demand for simpler and more digitally driven experiences.He stated that Wipro's consulting led approach will help TruStage modernize its retirement services operations while building a foundation for long term growth.
Consulting and Innovation Teams to Drive the Program
The initiative will be led by Wipro's consulting division. The company said the program will leverage its AI powered platforms and solutions under the Wipro Intelligence suite.In addition, Wipro's innovation arm Designit will work alongside the consulting and technology teams to reimagine TruStage's technology architecture and consumer delivery model.
The project will also draw on Wipro's expertise in wealth management and retirement services as part of the transformation strategy.
Wipro Share Performance
Wipro shares ended the previous trading session 0.4% higher at ₹201.8 per share.Despite the marginal gain in the latest session, the stock has declined 24.5% so far this year. The company has also seen volatility in its US listed American Depositary Receipts. After a 10% jump on Tuesday, Wipro's ADRs were down more than 7% in the latest trading session on Wall Street.
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