 "Genpact logo")
Global professional services firm Genpact on Thursday launched its anti-financial crime solutions enabled with generative artificial intelligence (AI) to better serve its clients and bring down the time and costs involved in risk analysis. The company has partnered with Amazon Web Services for the new upgrade.
Genpact said it was the first company to provide a financial crime GenAI solution on Amazon Bedrock, a fully managed service that enables developers to test, integrate, and deploy industry-leading AI foundation models for building an industry use case.
The company said that the accelerated efficiencies will have a substantial impact on its clients in finance and capital markets, by reducing time spent on case summarisations by 60 per cent. This may allow its analysts to spend more time identifying truly suspicious financial activity.
Speaking to Business Standard on the partnership, Brian Baral, Global Head of Financial Crime Risk Management at Genpact, said: “We are the only approved partner for Amazon AWS Bedrock foundational capability. For many others, it is in the early stage, but because of our deep partnership with AWS, we are able to use it in in-line production.” Further commenting on the specific application of the model in financial crime risk management, he added, “It (the model) knows how to write a suspicious activity report (SAR) and it is giving the analysts a significant amount of lift in that regard. We are thoughtful about model selection and application to what the business needs.”
Amazon Bedrock is a fully managed service that provides an application programming interface (API) for foundation AI models and customises the models to best suit unique use cases. By incorporating Amazon Bedrock FMs into Genpact's riskCanvas financial crimes software suite, the company aims to improve speed and accuracy in the detection, investigation, and prevention of financial crime threats for operations across enterprises.
The announcement comes after the company announced an investment of around $600 million over three years in AI. In a recent interview with Business Standard, N.V. 'Tiger' Tyagarajan, CEO of Genpact, had said that the investment would broadly come under three buckets – research and development (R&D) spending to build solutions, capital allocation used for acquisitions, and investment in training.
“Data complexity and volume, false positives, and evolving sophisticated criminal tactics are accelerating the need for businesses to harness generative AI to transform financial crime operations,” said BK Kalra, Global Business Leader, Financial Services, Consumer and Healthcare, at Genpact following the latest announcement.
