Mphasis inks pact with Amazon Web Services to launch generative AI product platform

IT solutions provider Mphasis today said it had signed a multi-year agreement with cloud services firm Amazon Web Services (AWS) to launch “Gen AI Foundry”, a platform to showcase use cases and proof of concepts (POCs) for applications of generative AI software.

Launched through Mphasis.AI, a business unit focusing on artificial intelligence (AI) solutions, the Gen AI Foundry will offer clients the opportunity to experience demos and POCs at Mphasis and AWS experience centres based in New York. Companies have been adopting generative AI technologies, popularised by the launch of ChatGPT, to solve various business problems and achieve greater efficiency. Mphasis will first launch solutions for the financial services industry before venturing to other sectors.

“Solutions such as Intelligent Document Processing (IDP) automates data extraction and analysis, minimizing errors and streamlining workflows, leading to substantial time and cost savings,” Mphasis said in a press release.

Additionally, companies are trying to utilise generative AI to transform contact centres by enhancing customer engagement and to achieve 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. The Gen AI Foundry for Financial Services, led by Mphasis.AI, is our commitment to accelerating AI adoption and business modernization for our clients,” said Nitin Rakesh, Chief Executive Officer and Managing Director, Mphasis.

“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,” he added.

The Gen AI Foundry will provide offerings for banks, 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,” Mphasis said in its press release.