Wipro announced that it is collaborating with Microsoft to launch a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI): Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination.
Harnessing the power of GenAI, the Wipro cognitive assistants will provide financial professionals with deep market intelligence and relevant and timely information on investment products and investor behavior. The solutions will also accelerate the investor onboarding and loan origination process by significantly reducing the time it takes to validate documents and providing meaningful and contextual responses to investor queries throughout the process.
The Wipro cognitive assistants, powered by Azure OpenAI, will fully integrate with existing mobile and digital platforms, providing a seamless user experience and a unified source of information to both financial services professionals and their clients.
“Generative AI opens a new era of possibilities for exceptional client experiences and enhanced productivity in the financial services sector,”said Suzanne Dann, CEO of Americas 2 Strategic Market Unit at Wipro Limited. “This new solution set, powered by Microsoft, will help provide better and faster market and product intelligence to financial advisors and banking professionals, enabling them to deliver more personalized and timely service to clients. These solutions will also reduce the multiple—often repetitive—steps needed to onboard new investors or originate loans, cutting down the time spent on paperwork. We look forward to deepening our collaboration with Microsoft in this sector and continuing to deliver cutting-edge solutions to our financial services clients.”
Wipro’s new GenAI-powered cognitive assistants will run on Microsoft Azure Open AI and will be available on Azure App Services. Further, the solutions will leverage Microsoft Azure Document Intelligence, which applies advanced machine learning to extract text, key-value pairs, and structures from documents to turn them into actionable data.
These solutions are further strengthened by Wipro’s Generative AI framework, WeGA, which helps reduce hallucinations, improves the accuracy and safety of the responses, while bringing traceability to the responses generated.
“Wipro has extensive financial services expertise, and we know that their new AI-powered virtual assistants will deliver innovation, scale and meaningful business value for customers,” said Bill Borden, Corporate Vice President, Worldwide Financial Services at Microsoft.
Nagendra Bandaru, Managing Partner and President, Wipro Enterprise Futuring, added, “The Financial Services industry is undergoing a rapid transformation led by Fintech. Artificial intelligence will increase the agility of services we can deliver and drive better business outcomes for our clients. Our collaboration with Microsoft empowers us to amplify our capacity to harness predictive analytics and machine learning which ensures smarter decision making, improved risk management and personalized customer experiences.”
The Wipro AI practice is currently working on more than 10 novel GenAI ideas that are being developed as proof of concepts on Azure Open AI. The practice earned the “Advanced Specialization in AI and ML on Microsoft” certification in June’2023. Wipro has 55,000 AI associates across the globe with more than 50 percent trained and skilled in Azure AI/ML.
