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Mphasis and AWS Join Forces to Launch Gen AI Foundry for Financial Services

Through the Gen AI Foundry, enterprises can leverage the transformative capabilities of generative AI to enhance customer experiences, drive operational efficiencies, and stay ahead in today's competitive landscape.

Mphasis, a global leader in cognitive solutions, has announced a strategic collaboration with Amazon Web Services (AWS) to introduce the Gen AI Foundry—a dedicated platform for artificial intelligence (AI) solutions within the financial services sector. Led by Mphasis.AI, this initiative aims to accelerate AI adoption, drive business transformation, and deliver cutting-edge solutions tailored to client needs.

A Platform for Innovation

The Gen AI Foundry serves as a dynamic platform for modeling industry use cases and developing proof of concepts (POCs) within the financial services sector. This virtual forum provides clients with the opportunity to experience demos and POCs, showcasing generative AI solutions designed to enhance efficiencies and foster transformation.

Harnessing the Power of Generative AI

With the rise of generative AI as a powerful tool, the Foundry focuses on facilitating its adoption in financial services firms. Solutions such as Intelligent Document Processing (IDP) automate data extraction and analysis, leading to substantial time and cost savings. Additionally, generative AI enhances customer engagement and operational efficiency through automated processes and personalized interactions in contact center transformation.

Driving Innovation in Financial Services

Nitin Rakesh, CEO and Managing Director of Mphasis, highlights the collaboration’s significance in driving innovation in cloud and cognitive services. The Gen AI Foundry reinforces Mphasis’ vision to be a driver of innovation for global enterprises, providing scalable and sustainable technology solutions that set new benchmarks in the financial services industry.

Industry-Specific Offerings

Aligned with Mphasis’ vision, the Gen AI Foundry offers targeted offerings for banks, brokerage firms, and insurance carriers. Use cases focus on critical industry applications, including core platform modernization, contract management, mortgage processing, and claims processing, among others.

AWS’s Role in Transformation

AWS, through its advanced AI and machine learning services, plays a crucial role in enabling business transformation within the financial services industry. Scott Mullins, Managing Director & General Manager at AWS Worldwide Financial Services, emphasizes AWS’s commitment to empowering businesses with cloud computing and generative AI capabilities.

Driving Value for Shared Customers

As part of the collaboration, Mphasis and Alight are pioneering an intelligent data processing platform focused on claims automation. Rahul Patet, Automation CoE Leader at Alight Solutions, expresses excitement about the collaboration and the value it will deliver for shared customers.

Conclusion: Driving Innovation and Transformation

The collaboration between Mphasis and AWS represents a significant milestone in driving innovation and transformation within the financial services industry. Through the Gen AI Foundry, enterprises can leverage the transformative capabilities of generative AI to enhance customer experiences, drive operational efficiencies, and stay ahead in today’s competitive landscape.

Predicting the Future

As the partnership between Mphasis and AWS evolves, we can expect to see further advancements in AI-driven solutions tailored to the specific needs of the financial services industry. Will this collaboration set new standards for AI adoption and business transformation in other sectors as well? Only time will tell.

Picture of Anshika Mathews
Anshika Mathews
Anshika is an Associate Research Analyst working for the AIM Leaders Council. She holds a keen interest in technology and related policy-making and its impact on society. She can be reached at anshika.mathews@aimresearch.co
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