Wipro, Microsoft Collaborate To Launch Gen AI-Powered Virtual Assistants For Financial Services
Leveraging gen AI, the virtual assistants will provide financial professionals with market intelligence and information on investment products and investor behaviour, Wipro said
Wipro Ltd. has collaborated with Microsoft Inc. to launch multiple cognitive assistants for financial services powered by generative artificial intelligence. These include GenAI Investor Intelligence, GenAI Investor Onboarding and GenAI Loan Origination.
Leveraging gen AI, the virtual assistants will provide financial professionals with market intelligence and information on investment products and investor behaviour. The solutions will help accelerate the investor onboarding and loan origination process by reducing the time taken to validate documents and providing contextual responses to investor queries throughout the process, Wipro said in a press release.
The cognitive assistants, powered by Microsoft Azure OpenAI service, will integrate with existing mobile and digital platforms, providing a unified source of information to financial services professionals and their clients.
“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,” said Suzanne Dann, chief executive of Americas 2 Strategic Market Unit at Wipro.
"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,” said Nagendra Bandaru, managing partner and president, Wipro Enterprise Futuring.
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. The cognitive assistants will be available on Azure App Services.
These solutions will also be supported by Wipro’s Generative AI framework, WeGA, which works to reduce hallucinations, improve the accuracy and safety of responses, while bringing traceability to the responses generated.
"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,” said Bill Borden, corporate vice president, worldwide financial services at Microsoft.
