Mphasis Signs Strategic Collaboration Agreement with AWS
Mphasis
has 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 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.
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, minimizing errors and streamlining workflows, leading to substantial
time and cost savings. 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’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.
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 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.
“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.
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