- With Wipro’s Ethica, companies could ensure their consumer-facing solutions are transparent and ethical
- This tool can also help in unbiased revenue forecasting for companies by looking at multiple parameter without biases
Developed as a part of Wipro HOLMES, the AI solution called Explainability, Transparency, Human-first, Interpretability, Common sense, and Auditability (Ethica) can help companies ensure that their consumer-facing solutions are transparent, ethical and unbiased.
According to the report prepared by IDC and Wipro, banks can use Ethical to eliminate potential bias while processing loan applications. Ethica can mask irrelevant data and other information collected from customers that could lead to potential bias. It rather uses other relevant factors such as purchase and payment history.
Unbiased Revenue Forecasting
This tool can also help in unbiased revenue forecasting for companies by looking at multiple parameter without biases. A person closely associated with the company also shared that “the company is now looking to create a revenue stream out of Ethica and take to to clients separately and bundled with other existing services.”
With this, the solution can also help in unbiased anomaly detection in payment related transactions. While the framework for Ethica was developed almost two years ago, the solution is now being pushed as an AI tool.
Analysts have also shared that Ethical is a strong tool and will add “considerable value” as Wipro has so far struggled to differentiate Wipro HOLMES, its AI platform, in the market.
Progress in Digital Solutions
Phil Fersht, chief executive of Hfs Research also shared that “Ethica has been a strong development within Wipro and the drawn-out leadership change delayed its commercialisation with clients.. With Thierry Delaporate now safely installed and the demand for AU and automation solutions stronger than ever in today’s all digital environment, the timing is no coincidence that Wipro means business and will be much more aggressive pushing its digital capabilities into the market”. He also added that Wipro could set an aspirational target for the first year for Ethical and a more calculated target after that.
Adoption for AI and intelligent automation has become a top priority of all global technology and business leaders in the past few years. But productionizing and scaling it up beyond pilot programmes have been key challenges in nearly 90% of enterprises, said Tapato Bandhopadhyay, an industry expert on AI and automation.
One of the main reasons for adopting AI is building trust, amongst employees, users, customers, leaders. Trust can only be built through ethical AI practices.