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Everest Group PEAK MatrixTM for Banking BPO Service
Providers
Focus on Wipro
October 2015
Copyright © 2015 Everest Global, Inc.
This document has been licensed for exclusive use and distribution by Wipro
EGR-2015-11-E-1600
2Copyright © 2015, Everest Global, Inc.
EGR-2015-11-E-1600
Everest Group recently released its report titled “Banking BPO – Service Provider Landscape with PEAK
MatrixTM Assessment 2015”. This report analyzes the changing dynamics of the banking BPO landscape and
assesses service providers across several key dimensions.
As a part of this report, Everest Group updated its classification of 23 service providers on the Everest Group
Performance | Experience | Ability | Knowledge (PEAK) Matrix for banking BPO into Leaders, Major
Contenders, and Aspirants. The PEAK Matrix is a framework that provides an objective, data-driven, and
comparative assessment of banking BPO service providers based on their absolute market success and
delivery capability.
Based on the analysis, Wipro emerged as a Leader and also a Star Performer. This document focuses on
Wipro’s banking BPO experience and capabilities. It includes:
Wipro’s position on the Everest Group banking BPO PEAK Matrix
Detailed banking BPO profile of Wipro
Buyers can use the PEAK Matrix to identify and evaluate different service providers. It helps them understand
the service providers’ relative strengths and gaps. However, it is also important to note that while the PEAK
Matrix is a useful starting point, the results from the assessment may not be directly prescriptive for each
buyer. Buyers will have to consider their unique situation and requirements, and match them against service
provider capability for an ideal fit.
Introduction and scope
3Copyright © 2015, Everest Global, Inc.
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1 Business-to-Consumer relationships
2 Business-to-Business relationships
Retail financial services
(B2C1)
– Cards
– Retail banking
– Lending
Commercial banking (B2B2)
Banking
Investment banking
Asset management
Custody & fund
administration
Brokerage
Capital markets
Life & pensions
Property & casualty
Reinsurance
Insurance
Banking, Financial Services,
and Insurance (BFSI)
Note: This report covers vertical-specific BPO within the banking space. It does not include coverage of
horizontal business processes such as F&A, HR, procurement, and contact centers
Focus of this document
Everest Group’s definition of BFSI includes the
following three segments
4Copyright © 2015, Everest Global, Inc.
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Everest Group PEAK Matrix – 2015 banking BPO
market standings
Performance | Experience | Ability | Knowledge
1 Service providers scored using Everest Group’s proprietary scoring methodology
Note: Assessment for Accenture, CSC, Equiniti, HP, IBM, NIIT Technologies, and Polaris excludes service provider inputs on this particular study, and is based on
Everest Group’s estimates which leverage Everest Group’s proprietary Transaction Intelligence (TI) database, ongoing coverage , service provider public
disclosures, and interaction with buyers
Source: Everest Group (2015)
Leaders
Major Contenders
Aspirants
Star Performers
Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix for banking BPO1
High
25
thp
erc
en
tile
75
thp
erc
en
tile
75th percentile
Ma
rke
t s
uc
ce
ss
Low
Banking BPO delivery capability
(Scale, scope, technology solutions & innovation, delivery footprint, and buyer satisfaction)
Low High25th percentile
Major Contenders
Leaders
Aspirants
Accenture TCS
Genpact
IBM
CSC
EquinitiInfosys
Tech Mahindra
Syntel
Wipro
Sutherland
Global Services
Serco
XeroxMphasisAvaloq
HPCognizant
WNSHCL
NIIT Technologies
Polaris
IGATE
EXL
5Copyright © 2015, Everest Global, Inc.
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Wipro is a banking BPO Star Performer based on strong
forward and upward movement over time on the
Everest Group PEAK Matrix
Change in Wipro’s positioning on the Everest Group PEAK Matrix for banking BPO
Market success in 2014
Witnessed banking BPO service line growth of over
20%, much higher than the overall market growth
Growth was attributed to acquisition of new client
logos as well as scope expansion and ramp up in
existing accounts
Capability enhancements in 2014
Expanded operations across both offshore and nearshore centers
Expanded scope by investing in augmenting its capabilities in the
retail banking space
Amplified technology capabilities as well as their leverage in
contracts, and developed capabilities to provide delivery
transformation through RPA
Ma
rke
t s
uc
ce
ss
Major Contenders
2013
Leaders
Wipro
Delivery capability
2014
Source: Everest Group (2015)
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123
108
Wipro (page 1 of 7)
Everest Group assessment
1 Average based on 16 banking BPO service providers who participated in this particular research
Source: Everest Group (2015)
Delivery capability assessment
Assessment
dimension Rating Remarks
Scale Wipro has an overall company revenue of US$8 billion,
and a good banking BPO contribution to it
Scope Mainly focused on North America, needs to target other
geographies as well
Technology
solutions &
innovation
High technology capabilities including analytics, risk
management, and regulatory compliance solutions
Delivery
footprint
High-cost-centric delivery model, with 40% of FTEs at
onshore locations
Buyer
satisfaction
A high overall buyer satisfaction score, with good
flexibility and relationship management rating
Best-in-class Very high High Medium high Medium Medium low Low Not mature
On the back of strong growth and market success, Wipro emerged as a Star
Performer and a Leader on the banking BPO PEAK Matrix
It has strong and differentiating capabilities in the mortgage space on the back
of its acquisition of Opus CMC, one of the leading U.S. mortgage due diligence
and risk management service providers
It has a wide bouquet of technology capabilities, including analytics, risk
management, and regulatory compliance solutions, through a mix of in-house
as well as acquired solutions, especially in the lending space. It also has the
ability to provide delivery transformation using RPA
It enjoys healthy overall buyer satisfaction levels with flexibility, talent retention,
efficiency, and relationship management highlighted as key strengths
Wipro is primarily focused on the lending space, and needs to increase its
presence in the cards and retail banking segments and make its mark in
delivering commercial banking services
Consequently, it is heavily focused on the North American market with some
presence in United Kingdom, and needs to invest in developing capabilities and
offerings to serve other geographies as well
It is operating on an onshore-heavy delivery model (owing to acquisition of
Opus CMC), which results in a high cost structure and needs to increase the
leverage of low-cost offshore locations
By being more proactive in coming up with tailored roadmaps for leveraging
innovative technology solutions and improving the digital footprint, it can further
improve its buyer satisfaction levels
Key strengths Areas of improvement
Market success assessment
Wipro
Peer set average1
Wipro
Peer set average
YoY Growth
% revenue
YoY Growth
% clients
33
66
100%
23%
7%
32%
17%
-12%
Banking BPO revenue
US$ million
Banking BPO clients
Number of clients
7Copyright © 2015, Everest Global, Inc.
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Wipro (page 2 of 7)
Banking BPO – overview
Recent acquisitions and partnerships
2013: Wipro acquired Opus CMC, a leading U.S.-based
provider of mortgage due diligence and risk management
services
2013: Wipro acquired a minority stake in American big
data analytics firm Opera Solutions
2012: Wipro acquired Promax, an analytics firm in
Australia focusing on trade promotion, management, and
optimization solutions
2011: Wipro and Temenos entered into a strategic
agreement to jointly deliver core banking ASP Service
Recent developments
2014: OpusPanorama – proprietary web-based due
diligence and risk management software
2014: Loan serve – client loan servicing application
2014: Atrium – client data system used for mortgage
servicing
2013: Wipro, in association with Efma, launched the first-
ever retail banking digital marketing study
Suite of services
Mortgage
Cards & payments
Data management
Enterprise banking
2012 2013 2014
Revenue (US$ million) N/D1
Number of FTEs 1,061 1,800 2,210
Number of clients 8 50 66
Company overview
Wipro Ltd. is a leading information technology, consulting, and
outsourcing company that delivers solutions to enable its clients do
business better. Wipro delivers winning business outcomes through its
deep industry experience and a 360 degree view of "Business through
Technology" – helping clients create successful and adaptive businesses.
Wipro has a workforce of over 140,000, serving clients in more than 175
cities across six continents. In addition to a wide array of IT services,
Wipro also offers business process services through Wipro BPO. Overall,
Wipro BPO has more than 27,000 professionals across 33 locations in 13
countries
Key leaders
Azim H. Premji, Chairman
T K Kurien, CEO
Nagendra Bandaru, Global Head, BPO
Shaji Farooq, Senior Vice President, Finance Solutions
Trupti Mukker, Global Head, Banking, Insurance, and Mortgage, BPO
Headquarter: Bengaluru, India
Website: www.wipro.com
1 Not disclosed
Source: Everest Group (2015)
8Copyright © 2015, Everest Global, Inc.
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Wipro (page 3 of 7)
Banking BPO – key delivery locations
Curitiba
MumbaiPune
Greater Noida
Chennai
Atlanta
Sussex
Johannesburg
Manila
Lincolnshire
Ft. Lauderdale
Seattle
Jacksonville
Hyderabad
Shannon
Source: Everest Group (2015)
9Copyright © 2015, Everest Global, Inc.
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Banking BPO FTE split by
delivery location
FTEs in numbers
Banking BPO number of
contracts by buyer size1
Number of active contracts
Banking BPO revenue mix by
geography
Revenue in US$ million
Banking BPO FTE mix by
segment
FTEs in numbers
47%
15%
38%
53%46%
2%
83%
13%11%
12%
77%
Wipro (page 4 of 7)
Banking BPO – capabilities and key clients
Key banking BPO engagements
Client name LoB Region Client since
A leading British multinational banking and financial services company Retail banking United Kingdom 2015
A leading U.S.-based mortgage subservicer Lending North America 2012
A leading American multinational financial services corporation Cards North America 2012
A leading financial institution in South Africa Retail banking Middle East and Africa 2011
Leading subservicing company in the United States Lending North America 2009
A leading U.S. card issuer Cards North America 2003
Retail banking
MEA (1%)
Offshore
100% = 2,210
Cards
Lending
Onshore
NearshoreUnited
Kingdom
North America
Large
Small
Medium
100% = N/D 100% = 2,210 100% = 74
APAC (1%)LATAM (2%)
1 Buyer size is defined as large (>US$10 billion in revenue), medium (US$5-10 billion in revenue), and small (<US$5 billion in revenue)
Note: Based on contractual and operational information as on December 2014
Source: Everest Group (2015)
10Copyright © 2015, Everest Global, Inc.
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Wipro (page 5 of 7)
Banking BPO – technology solutions/tools
Application LoB
Year
launched Description
No. of BPO
clients
Apollo Retail banking 2015 A new fraud control and anomaly detection platform to help enable financial
institutions and banks to address challenges in managing fraud, risk, and
compliance. Apollo relies on real-time anomaly detection through surveillance of
big data analytics and machine learning
N/D
Colossus quality
tool
Lending 2015 A QA management tool 10
Collection and
recoveries
Cards and retail
banking
2015 A solution for collection and recoveries that includes various technology levers like
robotics, AI, analytics tools, that can be deployed at different stages of the
collections lifecycle cycle. It helps reduce manual intervention, improve
accountability, and debt recovery especially for processes like “Skip tracing”
efforts where banks spend a lot of money and effort to figure out contactable
clients using third-party agencies
2
Fraud & AML
management
Retail banking 2015 “Enterprise-Know Your Customer (e-KYC)”, an automation solution developed for
global financial institutions and is built on the company’s Artificial Intelligence
platform “Wipro HOLMES”. This solution is being offered as Business-Process-as-
a-Service (BPaaS)
5
Atrium Lending 2014 A data system used for mortgage servicing 1
Loan Serve and
LPS
Lending 2014 A loan servicing client application 1
ENGAGE Cards 2014 A digital customer experience solution that enables the client to deliver a truly
enriched customer experience by leveraging state-of-the-art chat & social media
tools ensuring customers are delighted and serviced on the medium and place of
their choice
1
1 Not available
Source: Everest Group (2015)
11Copyright © 2015, Everest Global, Inc.
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Wipro (page 6 of 7)
Banking BPO – technology solutions/tools
Application LoB
Year
launched Description
No. of BPO
clients
OpusPanorama Lending 2014 A proprietary client web application that provides increased transparency and real-
time collaboration for due diligence clients
10
RESOLV Cards 2013 RESOLV is a dispute management platform that provides a highly intuitive and
customer-centric workflow-based disputes management platform to run dispute
operations effectively and efficiently. It is equipped with diagnostics and monitors
key business metrics with a smart analytics engine
3
NetOxygen Lending 2008 A proprietary LOS platform with streamlined workflow and paperless processing 28
Opus First Lending 2006 A proprietary due diligence and risk management software 40
Emerging
payments support
All N/A1 A Wipro digital framework for mapping new customer journeys with respect to new
channels and associated customer demand. Also, addressing newer and
enhanced challenges on fraud, operational losses, and risk
N/A
MI Claims solution All N/A A solution that supports complete claims processing and filing support. The tool
covers various activities through the claims processing and filing process with
strict compliance to all regulatory requirements
N/A
Next Generation
Customer
Experience
All N/A A solution that improves end-to-end customer experience engagement by
providing 360° view of customer engagements across multiple channels. It covers
analytics-based personalized services and actionable recommendations to
improve the overall customer experience
N/A
Source: Everest Group (2015)
12Copyright © 2015, Everest Global, Inc.
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Wipro (page 7 of 7)
Banking BPO – risk management & regulatory reporting
Risk management
support Details
No. of BPO
clients
Compliance risk Opus CMC performs compliance checks on mortgage loan files and helps customers and investors 45
Operations risk Implements controls towards Information security risks and BCP risks in all accounts as part of
contractual obligations
Operational risk analyst conducts the operational control testing for the entire insurance and PPI
operations
N/D
Regulatory risk A dedicated risk and compliance team to ensure enough controls to mitigate regulatory risks in BAU N/D
Source: Everest Group (2015)
13Copyright © 2015, Everest Global, Inc.
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Appendix
14Copyright © 2015, Everest Global, Inc.
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Everest Group classifies the banking BPO
service provider landscape into Leaders, Major
Contenders, and Aspirants on the Everest Group PEAK Matrix
1 Service providers scored using Everest Group’s proprietary scoring methodology on pages 17 and 18
Source: Everest Group (2015)
Everest Group Performance | Experience | Ability | Knowledge (PEAK) Matrix1 for banking BPO
Top Quartile performance
across market success
and delivery capability2nd or 3rd quartile
performance across market
success and delivery
capability
4th quartile performance
across market success
and delivery capability
High
Low
25
thp
erc
en
tile
75
thp
erc
en
tile
75th percentile
Ma
rke
t s
uc
ce
ss
Aspirants
Leaders
Major Contenders
Low High25th percentile
Banking BPO delivery capability
(Scale, scope, technology solutions & innovation, delivery footprint, and buyer satisfaction)
15Copyright © 2015, Everest Global, Inc.
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Service providers are positioned on PEAK Matrix
based on evaluation across two key dimensions
Measures success achieved in
the market. Captured through
banking BPO revenue,
number of clients, and
Year-on-Year (YoY) growth
Ma
rke
t s
uc
ce
ss
Measures the scope of
services provided
across LoB,
geographies, and buyer
size
Measures the capability
and investment in
technology solutions
and ability to deliver
value-added services
(innovation) with high
technology leverage
Measures the delivery
footprint across regions
and the global sourcing
mix
Measures ability to deliver services successfully
Captured through five subdimensions
Measures the scale of
operations (overall
company revenue and
relative focus on the
vertical)
Scale ScopeTechnology solutions
and innovationDelivery footprint
Delivery capability
Measures the
satisfaction levels1 of
buyers across:
Business driver
Implementation
Process expertise
Relationship
management
Buyer satisfaction
1 Measured through responses from referenced buyers for each service provider
Source: Everest Group (2015)
Aspirants
LeadersMajor Contenders
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Year 1
Year 0
Service
provider
Additionally, Everest Group confers the “Star
Performers” title on the providers that demonstrate the
strongest forward movement over time on the PEAK Matrix
Avaloq is not considered for Star Performer analysis due to its first-time participation in the PEAK Matrix analysis.
2015 banking BPO
Star PerformersDelivery capability
Methodology
Everest Group selects Market Star Performers based on the relative YoY movement of
each service provider on the PEAK Matrix
Market success dimension
In order to assess advancements on market
success, we evaluate the performance of each
service provider on the PEAK Matrix across a
number of parameters including:
Yearly ACV growth
Number of new contract signings
Value of new contract signings
Delivery capability dimension
In order to assess advancements on
capability, we evaluate the performance of
each service provider on the PEAK Matrix
across a number of parameters including:
Annual growth in scale
Increase in scope of services
Expansion of delivery footprint
Technology / domain-specific investments
The Top Quartile performers on each of the
specified parameters are identified and the “Star
Performer” rating is awarded to the service
providers with:
The maximum number of Top Quartile
performances across all of the above
parameters, and
At least one area of Top Quartile performance
advancement in either of the dimensions
The “Star Performers” title relates to YoY performance for a given service provider and does not
reflect the overall market leadership position. Those identified as “Star Performers” may include
“Leaders”, “Major Contenders”, or “Aspirants”
Ma
rke
t s
uc
ce
ss
17Copyright © 2015, Everest Global, Inc.
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Does the PEAK Matrix assessment incorporate any subjective criteria?
The Everest Group’s PEAK Matrix assessment adopts an objective and fact-based approach (leveraging service
provider RFIs and the Everest Group’s proprietary databases containing providers’ deals and operational capability
information). In addition, these results are validated / fine-tuned based on our market experience, buyer interaction,
and provider briefings
Is being a “Major Contender” or “Aspirant” on the PEAK Matrix an unfavorable outcome?
No. PEAK Matrix highlights and positions only the best-in-class service providers in a particular functional/vertical.
There are a number of providers from the broader universe that are assessed and do not make it to the PEAK
Matrix at all. Therefore, being represented on the PEAK Matrix is in itself a favorable recognition
What other aspects of the PEAK Matrix assessment are relevant to buyers and providers besides the “PEAK
Matrix position”?
The PEAK Matrix position is only one aspect of the Everest Group’s overall assessment. In addition to assigning a
“Leader”, “Major Contender” or “Aspirant” title, Everest Group highlights the distinctive capabilities and unique
attributes of all the PEAK Matrix providers assessed in its report. The detailed metric level assessment and
associated commentary is helpful to the buyers in selecting particular providers for their specific requirements. It
also helps providers showcase their strengths in specific areas
What are the incentives for buyers and providers to participate / provide input to the PEAK Matrix research?
Participation incentives for buyers include a summary of key findings from the PEAK Matrix assessment
Participation incentives for providers include adequate representation and recognition of their capabilities/success in
the market place, and a copy of their own “profile” that is published by Everest Group as part of the “compendium of
PEAK Matrix providers” profiles
FAQs (page 1 of 2)
18Copyright © 2015, Everest Global, Inc.
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What is the process for a service provider to leverage their PEAK Matrix positioning status ?
Providers can use their PEAK Matrix positioning in multiple ways including:
– Issue a press release declaring their positioning/rating
– Customized PEAK Matrix profile for circulation (with clients, prospects, etc.)
– Quotes from the Everest Group’s analysts could be disseminated to the media
– Leverage the PEAK Matrix branding across communications (e-mail signatures, marketing brochures, credential
packs, client presentations, etc.)
The provider must obtain the requisite licensing and distribution rights for the above activities through an
agreement with the designated PoC at Everest Group
FAQs (page 2 of 2)
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