Microsoft, Wipro To Launch GenAI-Powered Assistants For Financial Services

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New Delhi: Leading technology services and consulting company Wipro on Monday announced that it is teaming up with Microsoft to launch a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI).

According to the company, the cognitive assistants will provide financial professionals with deep market intelligence and appropriate and timely information on investment products and investor behaviour.

"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," Suzanne Dann, CEO of Americas 2 Strategic Market Unit at Wipro Ltd, said in a statement.

"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," she added. Wipro's new GenAI-powered cognitive assistants will be powered by Microsoft Azure Open AI and available on Azure App Services.

The solutions will also utilise Microsoft Azure Document Intelligence, which uses advanced machine learning to extract text, key-value pairs, and structures from documents.

"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 VP, Worldwide Financial Services at Microsoft.