Wipro announced its collaboration with Microsoft to launch a suite of cognitive assistants for financial services powered by generative artificial intelligence (GenAI) on Monday.

These assistants, named Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination, aim to revolutionise how financial professionals operate, the IT major said.

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Through GenAI technology, these assistants will furnish financial experts with in-depth market insights and timely updates on investment options and customer behaviour.

They’ll also streamline the investor onboarding and loan origination processes by slashing document validation times and offering helpful responses to investor queries.

Speaking on the development, Suzanne Dann, CEO of the Americas 2 Strategic Market Unit at Wipro, expressed excitement about collaborating with Microsoft, highlighting the potential for exceptional client experiences and increased productivity in the financial sector.

“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. 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,” said Dann.

“We look forward to deepening our collaboration with Microsoft in this sector and continuing to deliver cutting-edge solutions to our financial services clients.”

What sets these cognitive assistants apart is their integration with existing digital platforms, ensuring a smooth experience for both financial professionals and their clients.

As per the information shared by the Wipro, the new GenAI-powered cognitive assistants will run on Microsoft Azure Open AI and will be available on Azure App Services. 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 further strengthened by Wipro’s Generative AI framework, WeGA, which helps reduce hallucinations and improves the accuracy and safety of the responses while bringing traceability to the responses generated.