Background:

The world of wealth management is still mainly driven by manual processes. As per Business insider reports, 77% of US and Canada based financial advisors reported losing business because they didn’t have the appropriate tools to interact with clients and three-fourths of global wealth managers see digital as priority. Accordingly, wealth management firms are continually looking for a more intuitive technology driven experience.

One of the main problems is that the Wealth managers handle large volume of clients. There is a demand of cognitive solutions to assist the managers to help them reduce the turnaround times and hence improve the customer experience and trust.

Wipro's Azure OpenAI based Solution:

Considering the above scenario, we have built this solution for providing cognitive assistance to Relationship Manager (RM) for the Wealth Management group of an asset management company. It provides automated, algorithm-driven financial planning and investment services with little to no human supervision.

The solution leverages power of Azure Open AI to provide the conversational interface to RM. It can be integrated with the organization’s AI models for providing forecasts for various stocks and funds. It is also integrated with Microsoft cloud for Financial Services wealth management solution for pulling customer data.

The RM can now ask questions related to customer’s specific needs, financial goals and risk appetite and get relevant responses from the bot. It will help in closing the deal faster and reduces any delays due to the need of gathering details from the back-end team.

Solution features:

Ability to handle conversations across different topics with human like responses
Can provide responses from both Enterprise Data and Public domain
Ability to mine enterprise records with high accuracy and reliability e.g. MF Product brochure, Fact Sheets, Product prospectus etc.
Provide summary of the discussion with the customer that can be stored for future audits and references
Can generate reports like Payment Receipts using the available customer information
Can connect to enterprise AI/ML models e.g. NAV Forecasting, Index forecasting, churn prediction etc.

For more details, please do not hesitate to contact us.

Wipro GenAI Investor Intelligence

Autor: Wipro Ltd