Technology services and consulting company, Wipro, is collaborating with Microsoft to launch a suite of cognitive assistants for financial services. This is powered by generative artificial intelligence: Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination.

Harnessing GenAI, the Wipro cognitive assistants will provide financial professionals with deep market intelligence and relevant and timely information on investment products and investor behaviour. The solutions will also accelerate the investor onboarding and loan origination process. Specifically, it significantly reduces the time to validate documents and providing meaningful and contextual responses to investor queries.

The Wipro cognitive assistants, powered by Azure OpenAI, will fully integrate with existing mobile and digital platforms. They provide a seamless user experience and a unified source of information to both financial services professionals and their clients.

A new era of possibilities for exceptional client experiences, enhanced productivity

“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 powered by Microsoft, provides better and faster market and product intelligence to financial advisors and banking professionals. It enables them to deliver more personalised 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 Gen-AI cognitive assistance to run on Microsoft Azure Open AI

Wipro’s new GenAI-powered cognitive assistants will be available on Azure App Services. Further, the solutions will leverage Microsoft Azure Document Intelligence. This 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. This helps reduce hallucinations, improves the accuracy and safety of the responses, while bringing traceability to the responses generated.

"Wipro has extensive financial services expertise. We know that their new AI-powered virtual assistants will deliver innovation, scale and meaningful business value for customers,” added Bill Borden, Corporate Vice President, Worldwide Financial Services at Microsoft.

Nagendra Bandaru, Managing Partner, President, Wipro Enterprise Futuring, added: "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. This ensures smarter decision making, improved risk management and personalised customer experiences.”

"Wipro & Microsoft launch GenAI-powered virtual assistants for financial services" was originally created and published by Retail Banker International, a GlobalData owned brand.

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