AI-powered Financial Assistants to be introduced by Microsoft and Wipro

Microsoft and Wipro collaborate to launch a line of generative AI-powered assistants intended for the financial services industry. They have worked together to create three cognitive assistants: Wipro GenAI Loan Origination, Wipro GenAI Investor Onboarding, and Wipro GenAI Investor Intelligence. These generative AI tools can be integrated with current digital and mobile platforms, and they are powered by Azure OpenAI.

The primary objective of these AI-driven solutions is to provide profound market insights and real-time information about investment products and investor behavior to financial professionals. With these advanced technologies, both companies are planning to streamline their investor boarding process and expedite loan origination by minimizing the time required for document validation and furnishing contextual responses to investor queries.

“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 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”, said Suzanne Dann, CEO of the Americas 2 Strategic Market Unit at Wipro Limited.

The solutions developed by Wipro and Microsoft capitalize on Microsoft Azure Document Intelligence which employs sophisticated machine learning algorithms to extract text, key-value pairs, and structures from documents, thereby converting them into actionable data. Furthermore, the solutions are underpinned by Wipro's Generative AI framework, WeGA which plays a crucial role in mitigating hallucinations, enhancing response accuracy, and ensuring safety.

In addition to this recent collaboration, Wipro's AI practice is actively engaged in the development of over 10 novel Gen AI concepts serving as proof of concepts on the Azure OpenAI platform.