Genpact, AWS to Fight Financial Crime with Generative AI
Genpact has announced an expanded collaboration with Amazon Web Services (AWS) aimed at revolutionising financial crime risk operations through the integration of generative AI and LLMs. The partnership entails the integration of Genpact’s cloud-based financial crime suite, riskCanvas, with Amazon Bedrock, yielding significant efficiencies and benefits for clients, including Apex Fintech Solutions. Leveraging its existing relationship with AWS, Genpact is merging its intellectual assets and industry expertise with AWS’s generative AI capabilities. The seamless integration of Amazon Bedrock FMs into Genpact’s riskCanvas financial crimes software suite aims to unlock substantial value, enhance speed, and improve accuracy in detecting, investigating, and preventing financial crime threats for businesses. This integration enables experts to review outputs and adopt a guided decision-making process, offering comprehensive summaries and analyses of potential financial crime activities. This results in improved efficiency and precision. Genpact has actively engaged with numerous riskCanvas clients to enhance the detection, investigation, and prevention of various financial crime threats. As a result, Genpact is delivering accelerated efficiencies and significant impact to clients in the finance and capital markets sectors, with a notable example being their collaboration with Apex Fintech Solutions. Justin Morgan, Head of Financial Crimes Compliance at Apex Fintech Solutions, emphasised the importance of staying ahead of financial criminals: “With the addition of generative AI features to Genpact’s riskCanvas, our analysts will be able to produce Suspicious Activity Report (SAR) narratives and case summaries at the click of a button using inputs from millions of data points. We expect this will reduce time spent on case summarizations by 60%, allowing our analysts to spend more time identifying truly suspicious financial activity.” By utilising approved client data from the secure riskCanvas ecosystem and Amazon Bedrock’s secure data handling capabilities, highly accurate outcomes are generated while maintaining robust data protection standards. Atul Deo, General Manager, Amazon Bedrock at AWS, emphasised the importance of responsible AI implementation: “Amazon Bedrock is rooted in secure data handling, encrypting all data and allowing users to customise models privately. Integrated with Genpact’s riskCanvas, this powerful combination enables our mutual customers to enhance productivity in investigating, detecting, and preventing financial crime threats.” BK Kalra, Global Business Leader, Financial Services, Consumer and Healthcare at Genpact, highlighted the growing need for generative AI in financial crime operations: “Genpact’s expanded relationship with AWS represents a pivotal step in redefining the operations landscape for enterprises. Together we can unlock untapped value, and fuel significant growth opportunities for our clients, solidifying our commitment to delivering valuable business impact.”
Genpact has actively engaged with numerous riskCanvas clients to enhance the detection, investigation, and prevention of various financial crime threats.
Genpact has announced collaboration with AWS for revolutionising financial crime risk operations through the integration of generative AI.
["Amazon", "AWS", "Genpact"]
["API", "TPU", "AWS", "AI", "Genpact", "ML", "Amazon", "RAG", "Aim", "generative AI", "GAN", "R"]
["AI", "ML", "generative AI", "Aim", "RAG", "AWS", "TPU", "R", "API", "GAN"]
Mohit writes about AI in simple, explainable, and often funny words. He's especially passionate about chatting with those building AI for Bharat, with the occasional detour into AGI.