Strategic alliance to accelerate adoption of online service across global financial services market

eService software provider Transversal ( today announced a worldwide partnership with Wipro Technologies, the global IT services arm of Wipro Limited (NYSE: WIT). The agreement will combine the respective strengths and expertise of both companies to address customer needs and deliver advanced web self-service solutions to the Financial Services sector.

The shift in customer service from assisted banking channels such as branches and contact centres to self-service channels like the Internet and mobile devices has been increasing rapidly in recent years. The need of the customer to find the right information in the shortest possible time is paramount to the success of these self-service channels.

Transversal solutions enable organisations and customers to engage online in order to improve customer experience, increase sales and reduce costs. Transversal’s advanced natural language and semantic technology determines customer intent and requirements, enabling the majority of customers to have their sales and customer service questions answered online, without having to phone or email. Transversal’s advanced algorithms join up the web and contact centre customer service channels, facilitating ‘assisted sales’ by routing customer enquiries to the appropriate sales or customer service staff. Given the current turmoil in financial markets, it is now paramount that banks deliver the highest levels of online service in order to both retain existing customers and cost-effectively win new business.

The strategic alliance will provide Transversal with a global channel to market and a strong footprint outside Europe through a proactive, innovative and large scale partner with proven capabilities in the financial services market. Wipro Technologies, the global IT services business of Wipro Limited, has a client base that includes over 180 Fortune 1000/Global 500 companies. It employs over 72,000 IT practitioners and domain consultants. In the global financial services space, with more than 15,000 consultants and more than 85 large global financial services customers, Wipro is one of the most prominent services and solutions companies. It has expertise working across the entire range of market participants in the financial industry, developing and implementing solutions in the banking, capital markets and insurance sectors and offers consulting, ITO and BPO services and solutions.

“The global breadth and depth of Wipro Technologies’ expertise and reach is second to none,” commented Dee Roche, Director of Marketing, Transversal. “The web channel is becoming ever more critical to winning and retaining customers. This strategic partnership will therefore speed global adoption of web self-service in financial services by combining our advanced technology with Wipro’s proven innovation and track record.”

Wipro selected Transversal to join its portfolio of best of breed solutions following an extensive evaluation of the eService market. Transversal was chosen due to the combination of its financial services expertise, advanced technology and ease of implementation and management. Existing Transversal financial services customers include Barclays Bank, Norwich Union and Standard Life. Barclays has used its Transversal deployment to create new revenue streams by analysing customer questions and serving up product ads alongside question and answer content. Serving highly tailored advertising via Transversal web self-service has increased click-through rates by 500%.

“Wipro’s success is built on our combination of market understanding and innovation,” said Ravi Kiran N, General Manager – Banking & Financial Services, Wipro Technologies. “As financial services evolve we are seeing a growing need for advanced web self-service amongst our global customer base. Transversal was the natural choice of partner due to the combination of its market-leading technology and experience and knowledge of the financial services market.”

Transversal’s Intelligent Interaction Platform enables organisations to engage more effectively with online customers, improving the customer experience and consequently increasing sales. Working as the core of an organisation’s customer interaction strategy, Transversal’s technology intelligently manages all customer service interactions through search, web self-service, virtual agent, email and chat. It analyses and understands customer requirements from the context of the customers’ search activity and, based on that, offers the most relevant information and response mechanisms.

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Dee Roche, Head of Marketing
+44 (0)1223 723 388

Rainier PR
Chris Measures/Sam Grace +44 (0)20 7494 6570

Wipro Technologies
Radhika Mahadevan
+91- 9945042603

About Transversal
Transversal is a Cambridge-based developer of multi-channel eService solutions for customer-facing websites and contact centers that achieve high-impact wins on improved service, reduced costs and increased sales. Transversal's flagship Web Self-service Sales EngineTM solution uses the online customer service interaction to deliver targeted offers and advertising based on what customers ask about - a customer service strategy proven to produce high response rates and sales, while simultaneously improving customer service quality and efficiency. MetafaqTM reduces the volume of call and email queries to contact centers by automatically answering customers' questions online. Transversal customers will typically see immediate and dramatic email reductions, by around 60%, and improvements in email response times, from days to minutes. Intrafaq, Transversal's knowledge management solution for contact centers, delivers information to agents in a unique way from a dynamic natural language knowledgebase. Simply by typing a question, in their own words, agents can access answers to customer questions; providing fast, accurate and consistent responses. Organisations benefit from increased first call resolution and efficiency by improving the knowledge and quality of service provided by customer service and help-desk agents. Transversal's Memory Engine™ is the result of research and development by top researchers in Information Theory and Machine Learning from Caltech and Cambridge universities. Transversal co-founder, Prof. David MacKay, is a world renowned expert in Artificial Intelligence. He pioneered Bayesian Neural Networks in the late 1980s and remains at the forefront of the field. Current customers include Mint, Tesco Personal Finance, Privilege, Barclays, Holiday Extras, Nissan, Fujifilm, Standard Life, Scottish Power, Norwich Union and The Caravan Club.

About Wipro
Wipro Technologies, a division of Wipro Limited (NYSE:WIT) is the first PCMM Level 5 and SEI CMM Level 5 certified global IT services organization. Wipro Technologies was recently assessed at Level 5 for CMMI V 1.2 across offshore and onsite development centers. Wipro is one of the largest product engineering and support service providers worldwide. Wipro provides comprehensive research and development services, IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development, and maintenance services to corporations globally.
In the Indian market, Wipro is a leader in providing IT solutions and services for the corporate segment in India, offering system integration, network integration, software solutions and IT services.
Wipro also has a profitable presence in niche market segments of consumer products and lighting. In the Asia-Pacific and Middle East markets, Wipro provides IT solutions and services for global corporations. Wipro's ADS' are listed on the New York Stock Exchange, and its equity shares are listed in India on the Stock Exchange - Mumbai, and the National Stock Exchange.

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Published on: 12:00AM on 29th April 2008