Wipro partners Microsoft to launch GenAI-backed assistants for financial services

The virtual assistants will be based on Azure OpenAI and will be integrated completely with the existing mobile and digital platforms

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Indian IT services company Wipro has signed an agreement with tech giant Microsoft to launch a suite of cognitive assistants for financial services, which will be powered by generative artificial intelligence (GenAI), the Bengaluru-headquartered firm said on May 6.

The virtual assistants, which would include Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination, would provide “deep market intelligence and relevant and timely information on investment products and investor behaviour”, the company said.

Indian players are joining hands with tech giants as the race for AI heats up, changing the information technology sector  beyond recognition and threatening their revenue model.

Financial services are one of the biggest revenue spinners for the India IT companies.

The services will help accelerate investor onboarding process and reduce the time taken for documentation and resolving queries, it said.

The virtual assistants will be based on Microsoft's Azure OpenAI and integrated completely with the existing mobile and digital platforms, the company said.

“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 personalized and timely service to clients. 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,” Suzanne Dann, CEO of Americas 2 Strategic Market Unit at Wipro, said.

Rival HCLTech on the same day announced a partnership with Amazon Web Services (AWS) to boost the digital transformation of GenAI-led enterprises, the Indian IT services firm said on May 6.

Also read: HCLTech partners with AWS to accelerate GenAI adoption

The Wipro stock ended at Rs 458.25 on BSE, up 0.31 percent from the previous close.

Generative AI uses data to generate new text, an image, a video or even a computer code. It is an evolving field with a lot of possibilities.