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Avtar Sangha and Darshana Vadgama explore four ways Wipro empowers organisations like Lloyds Banking Group, for real-world impact.
So, what does it take? It begins with empathy and innovation.
1. Knowing what customers need – it’s personal
Trust, convenience and personal advice are the foundations of great customer experience. However, what transforms great into superior? Hyper-personalisation.
Building meaningful connections with customers through relevant, actionable insights, can lessen their worries and enable their dreams. Switching banks has never been easier and with the UK cost-of-living crisis showing no signs of slowing, financial institutions need to identify creative ways to keep customers afloat, happy and loyal.
Capco, a Wipro company, helps put your customers at the heart of what you do, and fast-tracks digital initiatives. Capco combines innovative thinking with deep domain consulting and regulatory expertise in financial services. It develops data-driven outcomes from strategy to end-to-end delivery. A top tier bank, for example, engaged Capco to launch a new digital bank aimed at millennials, its new target customer.
Wipro’s Asad Khosa, Head of Digital Strategy & Innovation for Europe explains: “A bank’s thinking should be on building a set of connected capabilities that it will use to meet its customers’ differing needs. Computational design will drive adaptive experiences through the power of AI and Machine Learning. In future, machines will create experiences without need for direct human intervention; this will allow experiences to scale.”
Designit, Wipro’s experience innovation company, re-imagines the entire experience landscape. It partnered with Lloyds Banking Group to chart future customer scenarios for banking in the metaverse. Designit is also experimenting with the close association between physical and financial health to aid monetary wellbeing for vulnerable customers.
2. Being there for customers, no matter what
AI, automation and cloud lay the groundwork for agility and innovation. Together, they are essential in providing greater control and reliability in products and services.
Breaking away from legacy tech, cloud technology allows new offerings to be deployed in a modular way and scaled at will. Wipro’s partner ecosystem coupled with its deep engineering and infrastructure experience, can accelerate your cloud transformation.
Leveraging cloud, Open Banking is revolutionising finance. It’s creating an ecosystem that is more accessible, transparent, and user-friendly for customers. Open banking drives innovation by allowing banks to collaborate with fintech and third-party vendors. Wipro has been central to navigating Open Banking capability for major banks.
In payments, Wipro’s engineers are driving an automation first approach, with a commitment to continuously innovate and intelligently automate. This helped a leading bank implement faster payment processing that customers expect. More recently, Wipro leveraged its ai360 platform to accelerate testing velocity by 300%. It removed waste in tech delivery and helped deploy faster value for customers.
3. Embracing what’s important – we’re in it together
Sustainable and ethical banking are the new imperatives.
Wipro’s Susan Kenniston, Vice President & Global Head of Sustainability Consulting, observes: “In a rapidly digitising world, the technology environmental footprint is increasing, underscoring the need for technology leaders to understand and respond to their technology impact. This focus on technology footprint reduction is not only vital for supporting organisation and global climate change goals, but helps manage down the associated costs as well.”
Lloyds Banking Group is working to reduce its total energy consumption 50% by 2030. Wipro shared an industry leading Sustainable Technology Framework with Lloyds, and collaborated to drive a methodological approach to reduce emissions across the technology estate. This initiative not only focused on developing clear strategies and guidelines to curb emissions but also included governance and training to help broader cultural adoption.
Sustainability is a shared responsibility, and so is helping the vulnerable. Wipro is testing mobile banking apps for neurodiverse customers and the visually impaired – an accessibility first approach. Testing this way, helps to make customers’ lives easier. In digital insurance, Wipro is co-creating digital experiences for top banks. Digesting insurance information will become simpler, meaning vulnerable customers spend less time managing it.
Tackling vulnerability however, is made more complex with rising fraud. Wipro is collaborating with a major bank to fight fraud by targeting technology initiatives that reduce monetary loss, for both the bank and its valued customers. Wipro brings end-to-end network security and event monitoring to large banking institutions.
4. Innovate at pace – and bring your true self
Do you feel safe sharing ideas that might fail? Equity, diversity and inclusion in banking go beyond filling quotas.
They’re non-negotiables for innovation because a diverse team understands diverse needs. It’s reported that companies with higher-than-average diversity, achieve higher innovation.
Wipro is committed to greater inclusion – so top talent can bring their true selves and ideas to work, to innovate. When colleagues are encouraged to ideate and experiment without fear, that’s when the magic happens.
The truth is – innovation and collaboration don’t just happen. They’re planned, curated and require neuroscience principles to get off the ground. Wipro’s Talent & Change Practice led a Summer Innovation Festival in partnership with a leading bank. This turbo-charged a culture of experimentation and new thinking in AI, metaverse, tooling and simpler ways of working. The Inclusion & Diversity Hackathon brought technology and business teams together, to innovate for greater customer and colleague inclusion. Hackathons and ‘test and learns’ are now embedded into the very fabric of this bank.
Your Ally in Future-Forward Banking and beyond
Wipro Cares; it’s in our DNA. We align technological, behavioural and industry expertise to address real-world challenges. We enhance human productivity, and drive growth. For banking leaders, the path forward involves embracing human-centric technology to solve problems that matter.
Wipro is 66% owned by its philanthropic foundation. Dating back over two decades, the Azim Premji Foundation (set up by former Wipro Chairman Azim Premji) drives social initiatives in education, health, ecology, and supports disaster response.
Wipro lives to build a more humane, equitable, and sustainable society and we’re proud of what we have achieved in our 15-year long partnership with Lloyds Banking Group.
If you’d like to chat about anything mentioned in this article, feel free to get in touch with the authors via the links below.
This article was originally published in Interface Magazine.
