On May 6, 2024, Wipro, a leading technology services and consulting company, announced its partnership with Microsoft to introduce a suite of cognitive assistants for the financial services industry. These assistants will be powered by generative artificial intelligence (GenAI) and are designed to support financial professionals by providing them with deep market intelligence and timely information on investment products and investor behavior.
The new solution, developed in collaboration with Microsoft, aims to enhance the capabilities of financial advisors and banking professionals, enabling them to offer more personalized and efficient services to their clients. Suzanne Dann, CEO of Americas 2 Strategic Market Unit at Wipro Ltd, highlighted the benefits of this technology, stating that it will streamline processes such as onboarding new investors and originating loans, thereby reducing the time spent on paperwork.
The GenAI-powered cognitive assistants developed by Wipro will run on Microsoft Azure Open AI and will be available on Azure App Services. These solutions will also leverage Microsoft Azure Document Intelligence, which uses advanced machine learning algorithms to extract text, key-value pairs, and structures from documents.
Bill Borden, Corporate VP, Worldwide Financial Services at Microsoft, expressed confidence in Wipro’s financial services expertise and the potential value that their AI-powered virtual assistants can bring to customers. He emphasized the importance of innovation and scalability in delivering meaningful business value.
This partnership between Wipro and Microsoft signifies a significant step towards leveraging artificial intelligence to transform the financial services industry. By harnessing the power of GenAI, these cognitive assistants have the potential to revolutionize the way financial professionals operate and serve their clients. The integration of Microsoft’s advanced machine learning capabilities further enhances the intelligence and productivity of the solutions.
As technological advancements continue to reshape the financial landscape, cognitive assistants will play a crucial role in empowering financial professionals with actionable insights and enabling them to make informed decisions in real-time. With Wipro and Microsoft at the forefront, the future of financial services is set to unlock a new era of efficiency and innovation.
In the words of Bill Borden, “Wipro’s new AI-powered virtual assistants will deliver innovation, scale, and meaningful business value for customers.” With their expertise and collaborative efforts, Wipro and Microsoft are poised to transform the industry and shape the future of finance.
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