Mphasis Signs Strategic Collaboration Agreement with AWS to Launch Gen AI Foundry for Financial Services
Mphasis announced a multi-year global Strategic Collaboration Agreement (SCA) with Amazon Web Services (AWS). The collaboration marks a significant milestone as Mphasis 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 modelling 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 Centre (EBC) in NYC, providing a showcase of generative AI solutions tailored to the client’s needs and objectives.
With the rise of generative AI as a powerful tool, the Foundry is dedicated to facilitating its adoption in financial services firms, aiding in accelerating efficiencies and fostering business transformation. Solutions such as Intelligent Document Processing (IDP) automates data extraction and analysis, minimising errors and streamlining workflows, leading to substantial time and cost savings. Additionally, utilising generative AI for contact centre transformation enhances customer engagement and operational efficiency through automated processes and personalised interactions.
“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 modernisation 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.
The Gen AI Foundry aligns with Mphasis’ vision to fully integrate as a trusted provider to the financial services space, with targeted offerings for banks ranking among the Fortune 100, brokerage, and insurance firms. The use cases will focus on applications critical industry applications, such as generative AI for core platform modernisation, 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.
“AWS is pleased to collaborate with Mphasis to enable 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 business transformation with cloud computing and the transformative capabilities of generative AI. We anticipate the Gen AI Foundry enabling 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.
As part of the relationship, Mphasis is pioneering an intelligent data processing platform in collaboration with Alight, a leading provider of cloud-based digital business and human capital service solutions, particularly within wealth, health, and human resources domains. “We at Alight, have partnered with Mphasis on building the Claims automation project using AWS services and AI solutions. We are excited about this newly formed collaboration and the value we expect to deliver for our shared customers,” said Rahul Patet, Automation CoE Leader Alight Solutions.