The IT giant Wipro said on Monday that it has partnered with Microsoft to introduce a line of generative artificial intelligence (GenAI)-powered cognitive assistants for financial services. The goal of these assistants is to transform the way financial professionals work. Their names are Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination.

These assistants will provide financial specialists with rapid updates on investment possibilities and client behavior, along with in-depth market insights, through the use of cutting-edge GenAI technology. Additionally, by cutting down on document validation delays and providing insightful answers to investor inquiries, they will expedite the loan origination and investor onboarding processes.

The unique feature of these cognitive assistants is how seamlessly they integrate with current digital platforms, making life easier for financial advisors and their customers.

The CEO of Wipro Limited's Americas 2 Strategic Market Unit, Suzanne Dann, expressed enthusiasm about the partnership with Microsoft, emphasizing the potential for outstanding customer experiences and higher efficiency in the financial industry.

"This new solution set, driven by Microsoft, will assist financial advisors and banking professionals receive better and quicker market and product knowledge, allowing them to give customers more prompt and personalized service. Additionally, by reducing the number of often repeating activities required to originate loans or onboard new investors, these solutions will shorten the time spent on paperwork. "We're excited to expand our partnership with Microsoft in this area and keep providing our financial services clients with state-of-the-art solutions," Dann said.

Azure App Services will host Wipro's new GenAI-enabled cognitive assistants, which will operate on Microsoft Azure Open AI. Additionally, in order to transform documents into actionable data, the solutions will make use of Microsoft Azure Document Intelligence, which uses sophisticated machine learning to extract text, key-value pairs, and structures from documents.

Wipro's Generative AI framework, WeGA, enhances these solutions by lowering the incidence of hallucinations, enhancing response accuracy and safety, and enabling traceability of generated replies.

The president and managing partner of Wipro Enterprise Futuring, Nagendra Bandaru, emphasized how artificial intelligence (AI) is changing the financial services sector and enabling more informed decisions as well as individualized consumer experiences.

Fintech is driving a fast shift in the financial services sector. Artificial intelligence will improve our ability to provide services with more agility and help our clients achieve better business results.

“We can leverage predictive analytics and machine learning more effectively thanks to our 

partnership with Microsoft, which guarantees better risk management, more informed decisions, and more individualized consumer experiences," stated Bandaru. 

He further added, “More than 10 innovative GenAI concepts are presently being developed by the Wipro AI practice as Azure Open AI proof of concepts. In June 2023, the practice obtained the accreditation for "Advanced Specialization in AI and ML on Microsoft." Over half of Wipro's 55,000 AI colleagues worldwide are trained and proficient in Azure AI/ML.