Wipro and Microsoft forge ahead with AI-powered cognitive assistants for financial services
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a foremost player in technology services and consulting, has announced a collaboration with Microsoft Corporation. Together, they are set to launch a suite of cognitive assistants for the financial services sector, namely Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination.
Technology and Innovation
These AI-driven tools, powered by Microsoft’s Azure OpenAI, promise to redefine market intelligence and streamline financial operations. By leveraging generative AI, these cognitive assistants aim to provide deep market insights and timely information on investment products and investor behaviors. They will expedite processes such as investor onboarding and loan origination, significantly reducing the time required to validate documents and respond to investor inquiries, thus enhancing the overall user experience.
Integration and Impact
The solutions will integrate seamlessly with existing mobile and digital platforms, offering a unified information source to both professionals and clients in the financial sector. Suzanne Dann, CEO of Americas 2 Strategic Market Unit at Wipro Limited, highlighted the potential for these tools to enhance client services and productivity dramatically. According to Dann, “This new solution set, powered by Microsoft, will deliver faster and more accurate market and product intelligence.”
Quotes from Executives
Bill Borden, Corporate Vice President, Worldwide Financial Services at Microsoft, emphasized the innovative potential of the AI assistants, stating, “Wipro’s extensive expertise in financial services will ensure that these new AI-powered virtual assistants deliver substantial business value.” Additionally, Nagendra Bandaru, Managing Partner and President, Wipro Enterprise Futuring, remarked on the transformative effect of AI in the sector, noting that the collaboration will boost predictive analytics and personalized customer experiences.
Wipro’s AI Capabilities and Commitment
Wipro’s AI practice is actively developing over ten novel GenAI ideas as proof of concepts on Azure Open AI. The practice was awarded the “Advanced Specialization in AI and ML on Microsoft” certification in June 2023, underscoring its deep expertise and innovative approach in the field. With a global workforce of 55,000 AI associates, more than half of whom are trained in Azure AI/ML, Wipro is at the forefront of technological advancements in AI.