Wipro unveils plans for BFSI sector

Information Technology company Wipro is looking at increasing its level of specialisation in the banking, financial services and insurance (BFSI) sector.

Wipro President-BFSI Girish Paranjpe said the sector is one of the high-growth areas for the company and it would look at tapping the sector through "package implementation and integration of solutions and business process" till the potential lasts. Under the package implementation, Wipro would look at providing specialised packages of products and solutions to the companies in the BFSI sector.

This, according to Paranjpe, is different from the existing method of setting up enterprise resource planning (ERP) systems and solutions for a company. Wipro would look at providing end-to-end services in implementation for its clients who are active in derivatives, settlement, anti-money laundering and card processes among others.

He added that Wipro would also look at integrating solutions and business processes for its clients and offer its services in consulting and technology for the companies. This, Wipro believes, would help in reducing both integration and operational costs for its clients.

In order to increase its level of specialisation, the company would set up a technology group. Wipro intends to recruit people with domain expertise in sectors such as hedge funds, derivatives, and payments and settlements.