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Wipro and Microsoft unite to transform fintech with AI

Wipro and Microsoft form a strategic alliance, introducing AI-driven cognitive assistants to revolutionize fintech, focusing on market intelligence and process efficiency while balancing ethical concerns.

  • Editorial Team
  • May 8, 2024
  • 2 minutes

Wipro has partnered with Microsoft to launch a suite of cognitive assistants for the financial services sector, powered by generative artificial intelligence (GenAI).

Announced today (May 6), this collaboration is set to redefine the fintech landscape, offering unprecedented market intelligence and streamlined processes for financial professionals.

The suite includes Wipro GenAI Investor Intelligence, Wipro GenAI Investor Onboarding, and Wipro GenAI Loan Origination.

These AI-driven tools are designed to enhance productivity, expedite client onboarding, and improve client engagement by providing deep market insights and timely information on investment products and investor behavior.

Integration and Efficiency

The cognitive assistants, leveraging Microsoft’s Azure OpenAI, will integrate seamlessly with existing mobile and digital platforms, offering a unified source of information to both financial service professionals and their clients.

While the introduction of AI in financial services promises increased efficiency and better client experiences, it also raises ethical concerns. The balance between productivity and ethical considerations is a tension point that the industry must navigate carefully.

The use of AI must be tempered with a commitment to ethical practices. As AI becomes more prevalent in financial services, the industry must ensure that these technologies are used responsibly, with a focus on safeguarding client privacy and maintaining transparency.

The partnership between Wipro and Microsoft is indicative of the rapid transformation occurring within the financial services industry, driven by fintech innovations. AI is set to increase the agility of services delivered, leading to smarter decision-making, improved risk management, and personalized customer experiences.