Mphasis Collaborates with AWS to Launch Gen AI Foundry for Financial Services

From core platform modernization to intelligent document processing, the Gen AI Foundry will empower financial institutions and help maximize the impact of the technology.

(Image source: Mphasis website.)

Mphasis, (Bangalore), a global IT solutions provider specializing in cloud and cognitive services, has announced a multi-year global agreement with Amazon Web Services (AWS, Seattle). Mphasis characterizes the collaboration as a significant milestone as it establishes the Gen AI Foundry, led by Mphasis.AI, a dedicated business unit focusing on artificial intelligence (AI) solutions, AI use case assessments, consulting, and business transformation.

The Gen AI Foundry will serve as a dynamic platform for modeling industry use cases and developing proof of concepts (POCs)—initially within the financial services industry, with plans to expand across other sectors. This virtual forum will offer clients the opportunity to experience demos and POCs either at the Mphasis Experience Centre in NYC or AWS Executive Briefing Center (EBC) in NYC, providing a showcase of generative AI solutions tailored to the client’s needs and objectives, according to an Mphasis statement.

Nitin Rakesh, CEO and Managing Director, Mphasis.

With the rise of generative AI as a powerful tool, Mphasis dedicated the Foundry to facilitating its adoption in financial services firms, aiding in accelerating efficiencies and fostering business transformation. The platform’s Intelligent Document Processing (IDP) solution automates data extraction and analysis, minimizing errors and streamlining workflows, leading to substantial time and cost savings, according to the vendor. Additionally, utilizing generative AI for contact center transformation enhances customer engagement and operational efficiency through automated processes and personalized interactions.

“Our collaboration with AWS marks a significant leap forward in Mphasis’ journey towards delivering cutting-edge solutions in the area of cloud and cognitive services,” says Nitin Rakesh, CEO and Managing Director, Mphasis. “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’ 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.”

Mphasis says the Gen AI Foundry aligns with its vision to fully integrate as a trusted provider to the financial services space, with targeted offerings for insurance firms, banks and brokerages ranking among the Fortune 100. The vendor says the use cases will focus on critical industry applications, such as generative AI for core platform modernization, contract management for banks, intelligent document processing for new banking accounts, mortgage processing, and in claims processing for insurance carriers, and for investigating financial crime.

Scott Mullins, Managing Director & General Manager, AWS Worldwide Financial Services.

Enabling Customer Innovation with Cloud Computing and GenAI

“AWS is pleased to collaborate with Mphasis to support the introduction of the Gen AI Foundry for the financial services industry,” comments Scott Mullins, Managing Director & General Manager, AWS Worldwide Financial Services. “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’ advanced AI and machine learning services for enhanced experience and greater efficiency in today’s competitive landscape.”

As part of the relationship, Mphasis reports that it is also collaborating with Alight, a cloud-based human capital and technology services provider, particularly within wealth, health, and human resources domains. “Alight has collaborated with Mphasis to build the Claim Automation feature. Claim Automation is powered by Alight’s Intelligent Document Processing (IDP) solution within its Worklife platform, leveraging AWS and other AI services. “

We are appreciative of our ongoing collaboration with Mphasis,” comments Rahul Patet, Automation CoE Leader, Alight Solutions.

 

 

Anthony R. O’Donnell // Anthony O'Donnell is Executive Editor of Insurance Innovation Reporter. For nearly two decades, he has been an observer and commentator on the use of information technology in the insurance industry, following industry trends and writing about the use of IT across all sectors of the insurance industry. He can be reached at AnthODonnell@IIReporter.com or (503) 936-2803.

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