Wipro & Microsoft to Launch Gen AI-Powered VAs for Finserv

Wipro, the leading technology services and a Top 10 consulting firm for financial services, has announced its collaboration with Microsoft to launch a suite of generative AI-powered cognitive assistants: Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding and Wipro GenAI Loan Origination.

These new virtual assistants (VAs) will support financial services firms in efforts to improve productivity, accelerate client onboarding and enhance client engagement.

Wipro & Microsoft: Supporting finance professionals

By leveraging Gen AI, Wipro will be able to provide finance professionals with deep market intelligence, featuring timely insights on investment products and investor behaviour.

What’s more, Wipro says its new VAs can accelerate investor onboarding and loan origination processes by significantly reducing the time it takes to validate documents and respond to investor queries contextually.

Powered by Microsoft Azure OpenAI, Wipro's new cognitive assistants will integrate existing mobile and digital platforms to deliver a seamless user experience for finance professionals from a unified source of information. 

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

Microsoft Azure: Supporting ease of access to Wipro VAs

By running on Microsoft Azure OpenAI, Wipro’s new VAs will be made available on Azure App Services – providing greater ease of access for financial services professionals. 

Bill Borden, Corporate Vice President, Worldwide Financial Services at Microsoft, adds: "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.”

Additional support from Microsoft comes in the form of Azure Document Intelligence, which Wipro’s VAs will leverage to apply advanced machine learning and extract text, key-value pairs and structures from documents to turn them into actionable data.

The VA solutions will also benefit from WeGA, Wipro’s own Gen AI framework, which will help to reduce hallucinations and improve the accuracy and safety of responses with traceability. 

Wipro’s solutions see it take a significant leap in support of a rapidly evolving fintech space. Nagendra Bandaru, Managing Partner and President, Wipro Enterprise Futuring, is excited by the additional capabilities Gen AI can provide. 

"The financial services industry is undergoing a rapid transformation led by fintech,” says Nagendra. “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.”

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