The New York-based company and parent to mortgage technology consultancy Digital Risk expects to tap into AWS to establish its own generative AI unit "as a dynamic platform for modeling industry use cases and developing proof of concepts." Expecting to better assist financial services operations, including home lending, Mphasis said it plans to take advantage of the multiyear agreement to later expand into other industries.  

"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 Mphasis CEO and managing director Nitin Rakesh in a press release. 

Greater utilization of generative AI and machine learning tools stand to greatly improve data extraction and analysis, as well as contact-center interactions. In the immediate future, Gen AI Foundry aims to expedite intelligent document processing for new bank accounts and mortgages, as well as in insurance claims processing and fraud investigation.  

The creation of the foundry also comes on the heels of similar AI-based product rollouts this year specifically targeting mortgage businesses, including an analytics module from Paradatec. 

"Customers have told us they are investing in their own capabilities or third-party systems to automate complex workflows," said Neil Fraser, the company's director of U.S. operations, at product launch, adding that businesses turned to companies like Paradatec for help in identifying and cleansing data. 

More recently, Rocket Mortgage unveiled its AI-based underwriting tool that it claims can pull essential data from borrower documents. 

At the same time, other lenders have jumped on the bandwagon with different types of AI-powered services, including A&D Mortgage, which released a platform for broker partners. Newrez also entered into its own partnership with Microsoft at the end of last year to improve borrower engagement. 

Mphasis will offer business clients opportunities to view demos and examine proof of concept cases in virtual forums at its experience center or at a AWS office location, both in New York City.   

"AWS is pleased to collaborate with Mphasis to support 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 customer innovation with cloud computing," said Scott Mullins, managing director and general manager, AWS Worldwide Financial Services.

Digital Risk was originally founded in 2005 to help originators navigate due-diligence processes. Mphasis, a global technology services provider, later acquired the company in 2013.