Wipro, Microsoft partner to launch Gen AI-based financial assistants

IT services company Wipro has announced a partnership with Microsoft to launch a suite of generative AI-powered assistants for financial services. The three cognitive assistants — Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination — are powered by Azure OpenAI and will fully integrate with existing mobile and digital platforms.

These tools are expected to provide financial professionals with deep market intelligence and timely information on investment products and investor behaviour. The solutions will accelerate investor onboarding and loan origination process by reducing the time taken for document validation and by providing contextual responses to investor queries. 

Further, 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. These solutions are based on Wipro’s Generative AI framework, WeGA, which helps reduce hallucinations, and improves the accuracy and safety of the responses.

“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. 

To be sure, Wipro AI practice is currently working on more than 10 novel Gen AI ideas that are being developed as proof of concepts on Azure Open AI. 

Notably, Wipro in June 2023, launched Wipro Industry Innovation Experience for Financial Services that includes a range of banking and financial services solutions developed on the Microsoft Cloud platform. The virtual Innovation Experience helps financial services organisations discover new solutions and accelerate their digital transformation journey. The partnership brings together Microsoft Cloud capabilities with Wipro FullStride Cloud. Additionally, it also utilises the financial services domain expertise of Wipro and Capco.