In a key development in the AI-driven solutions space, IT service provider Mphasis and WorkFusion, a leader in digital workforce solutions, have come together. Their collaboration seeks to harness the power of AI Digital Workers across operational domains, particularly within banking and financial services.

Revolutionizing Financial Services with AI Digital Workers

Recognized as a 2023 Leader by the Everest Group’s PEAK Matrix for IDP, WorkFusion is transforming compliance operations in financial sectors. Their prowess spans across areas like the Bank Secrecy Act (BSA), anti-money laundering (AML) practices, and the Know Your Customer (KYC) processes. Through their partnership, Mphasis and WorkFusion aim to redefine how businesses, including banks and insurance firms, conduct compliance operations. Their strategy revolves around swiftly deploying AI Digital Workers capable of mimicking human-like process executions, aiming to enhance user experiences and operational efficiency.

Leadership Insights on the Collaboration

Nitin Rakesh, the CEO and Managing Director of Mphasis, expressed enthusiasm about the alliance, stating: “We are excited to partner with WorkFusion to unlock the potential of AI-driven solutions for our clients. The platform will enhance our efficiency and enable broader AI-powered solutions as an extension of our joint offerings to cover transaction monitoring alert investigation and fraud alert disposition. Through a long-term engagement, Mphasis and WorkFusion will build synergies to ensure better integration, implementation, solutions development, and product engineering, and deliver top-of-the-line operations solutions, that will set new standards for customer, employee, and analyst cycle-times and experiences.”

Adam Famularo, CEO of WorkFusion, emphasized the strategic importance of the partnership: “We were looking for a strategic partner that could help us deliver next-level services at scale, expand the reach of our professional services capabilities, and assist us in expanding our footprint in the financial services market. We found the perfect partner in Mphasis. There are many synergies between our companies, which make this a great alignment. Together, we are a powerful team that will be able to deliver AI to help businesses automate work better and faster.”

Future Prospects and Sustainable Value Creation

Central to their alliance, the Work.AI platform will facilitate the design, creation, testing, and deployment of user-friendly AI Digital Workers, adaptable across cloud, on-premises, and hybrid deployment structures. This partnership underscores the enduring commitment of both Mphasis and WorkFusion to offer sustained value and usher in industry transformations revolving around AI solutions.

  Adam Famularo, AI Digital Worker, anti-money laundering, Bank Secrecy Act, cloud services, cognitive services, compliance operations, financial services, Know Your Customer, Mphasis, Nitin Rakesh, operational efficiency, WorkFusion