Wipro and Microsoft Introduce GenAI Cognitive Assistants for Financial Services

On May 6, 2024, Wipro Ltd informed the stock exchanges that the company is partnering with Microsoft to introduce a range of cognitive assistants for financial services powered by generative artificial intelligence (GenAI). These include Wipro GenAI Investor Onboarding, Wipro GenAI Investor Intelligence and Wipro GenAI Loan Origination.

Utilising GenAI’s power, the Wipro cognitive assistants will offer financial professionals deep market intelligence and suitable and timely information on investor behaviour and investment products. The solutions will also speed up the investor onboarding and loan origination process by reducing the time it usually takes to verify documents and offering meaningful and contextual answers to investor questions throughout the process.

The Wipro cognitive assistants will completely integrate with existing mobile and digital platforms. This will provide a seamless user experience and a unified source of information for financial services professionals and their clients.

Wipro’s new GenAI-powered cognitive assistants will run on Microsoft Azure Open AI and be available on Azure App Services. Moreover, the solutions will utilise Microsoft Azure Document Intelligence, employing advanced machine learning to extract text, key-value pairs, and structures from documents to transform them into actionable data. Wipro’s Generative AI framework, WeGA, enhances these solutions, which minimises errors, enhances the accuracy and safety of responses, and provides traceability to the generated responses.

Speaking of this collaboration, the CEO of the Americas 2 Strategic Market Unit at Wipro Limited, Suzanne Dann, said, “Generative AI opens a new era of possibilities for exceptional client experiences and enhanced productivity in the financial services sector.”

She further added, “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.”

The Corporate Vice President, Worldwide Financial Services at Microsoft, Bill Borden, said, “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.”

Currently, the Wipro AI practice is working on over 10 novel GenAI ideas that are being developed as proof of concepts on Azure Open AI. In June 2023, the practice earned the “Advanced Specialisation in AI and ML on Microsoft” certification. Wipro has about 55,000 AI associates worldwide, with over 50% trained and skilled in Azure AI/ML.

On May 6, 2024, the share price of Wipro Ltd opened at ₹458.80, touching the day’s high at ₹462.60, as of 4:00 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.