Mphasis today (Sunday, April 14) announced that it has forged a multi-year global Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS). This partnership aims to pioneer advancements in artificial intelligence (AI) through the establishment of the Gen AI Foundry, spearheaded by Mphasis.AI, a dedicated business unit focusing on AI solutions, assessments, consulting, and business transformation.
The Gen AI Foundry stands as a pivotal platform for modeling industry-specific use cases and developing proof of concepts (POCs), initially centered within the financial services sector. Clients will have the unique opportunity to immerse themselves in demonstrations and POCs hosted either at the Mphasis Experience Centre in NYC or AWS Executive Briefing Center (EBC) in NYC. These showcases will highlight tailor-made generative AI solutions designed to address the diverse needs and objectives of financial institutions.
Generative AI emerges as a transformative tool, poised to accelerate efficiencies and drive business transformation within financial services. Solutions such as Intelligent Document Processing (IDP) offer automated data extraction and analysis, minimizing errors and optimizing workflows, thereby yielding significant time and cost savings. Furthermore, leveraging generative AI for contact center transformation enhances customer engagement and operational efficiency through automated processes and personalized interactions.
Nitin Rakesh, Chief Executive Officer, and Managing Director of Mphasis, hailed the collaboration with AWS as a monumental leap forward in their quest to deliver cutting-edge solutions in cloud and cognitive services. “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 Rakesh.
Aligned with Mphasis’ vision to emerge as a trusted provider to the financial services landscape, the Gen AI Foundry will offer targeted solutions tailored to banks, brokerage firms, and insurance companies. These solutions will encompass critical applications such as core platform modernization, contract management, intelligent document processing for new banking accounts, mortgage processing, claims processing for insurance carriers, and financial crime investigation.
