Mphasis has joined forces with Amazon Web Services (AWS), heralding a new era in artificial intelligence (AI) with the establishment of the Gen AI Foundry. This initiative, spearheaded by Mphasis.AI, a specialized arm focusing on AI solutions, aims to transform industries through AI-driven innovation, starting with the financial sector.
The Gen AI Foundry serves as a hub for crafting industry-specific use cases and piloting proof of concepts (POCs), focusing on financial services before branching out to other sectors. Through this virtual platform, clients gain access to tailored demonstrations and POCs at either the Mphasis Experience Centre in NYC or the AWS Executive Briefing Center.
"Our collaboration with AWS marks a significant leap forward in Mphasis's journey towards delivering cutting-edge solutions in the area of cloud and cognitive services. The Gen AI Foundry for Financial Services, led by Mphasis.AI, is our commitment to accelerating AI adoption and business modernization for our clients. By harnessing the power of AWS's generative AI and data services, we are poised to set new benchmarks in the financial services industry. This initiative reinforces our vision to be the driver of innovation for global enterprises, providing scalable and sustainable technology solutions," said Nitin Rakesh, Chief Executive Officer, and Managing Director of Mphasis.
Streamlining generative AI adoption
In a world increasingly reliant on generative AI, the Foundry is committed to facilitating its adoption within financial institutions, unlocking efficiencies, and driving business transformations. Solutions like Intelligent Document Processing (IDP) revolutionize data extraction and analysis, reducing errors and optimizing workflows, minimizing time and costs. Moreover, leveraging generative AI in contact center transformation enhances customer interactions and operational efficacy through automation and personalized engagement.
This strategic move aligns seamlessly with Mphasis' vision to become a trusted partner in the financial services realm, catering to Fortune 100 banks, brokerage houses, and insurance firms. Use cases span critical areas such as core platform modernization, contract management, new banking account processing, mortgage operations, and insurance claims processing, as well as combating financial crime.
Partnership with Alight
As part of this collaboration, Mphasis joins forces with Alight, a human capital and technology services provider, to craft innovative solutions like Claim Automation, powered by Alight's Intelligent Document Processing (IDP) within the Worklife platform, leveraging AWS and other AI services, to streamline processes and enhance customer experiences.
"AWS is pleased to collaborate with Mphasis to support the introduction of the Gen AI Foundry for the financial services industry. Mphasis' expertise in AWS services and AI/ML capabilities, combined with their dedication to industry-specific solutions, aligns seamlessly with our mission to enable customer innovation with cloud computing and the transformative capabilities of generative AI. We look forward to seeing the Gen AI Foundry helping businesses to leverage AWS's advanced AI and machine learning services for enhanced experience and greater efficiency in today's competitive landscape," said Scott Mullins, Managing Director & General Manager, AWS Worldwide Financial Services.
Last year, Mphasis unveiled a strategic partnership with Kore.ai, to enhance Mphasis' offerings in customer experience management and employee engagement for their enterprise clients, by leveraging the advanced capabilities of Kore.ai's conversational AI platform.
