Wipro, Microsoft team up for AI virtual assistants for financial services

Wipro's new GenAI-powered cognitive assistants will operate on Microsoft Azure Open AI and will be accessible through Azure App Services

IT major Wipro on Monday announced that it has teamed up with Microsoft to launch a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI). These assistants, named Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination, aim to revolutionise how financial professionals operate.

Using cutting-edge GenAI technology, these assistants will furnish financial experts with in-depth market insights and timely updates on investment options and customer behaviour. They'll also streamline the investor onboarding and loan origination processes by slashing document validation times and offering helpful responses to investor queries.

What sets these cognitive assistants apart is their integration with existing digital platforms, ensuring a smooth experience for both financial professionals and their clients.

Suzanne Dann, CEO of the Americas 2 Strategic Market Unit at Wipro Limited, expressed excitement about collaborating with Microsoft, highlighting the potential for exceptional client experiences and increased productivity in the financial sector.

"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 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," said Dann.

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 and improves the accuracy and safety of the responses while bringing traceability to the responses generated.

Nagendra Bandaru, managing partner and president of Wipro Enterprise Futuring, emphasised how AI transforms the financial services industry and enables smarter decision-making and personalised customer experiences.

"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 personalised customer experiences," said Bandaru.

The Wipro AI practice is currently working on more than ten novel GenAI ideas that are being developed as proof of concepts on Azure Open AI. The practice earned the "Advanced Specialisation in AI and ML on Microsoft" certification in June 2023. Wipro has 55,000 AI associates across the globe, with more than 50 per cent trained and skilled in Azure AI/ML.