Genpact, a global professional services firm, has expanded its relationship with Amazon Web Services, Inc. (AWS) to enhance its financial crime risk operations using generative AI and large language models (LLMs). This collaboration involves integrating Genpact’s proprietary cloud-based financial crime suite, riskCanvas™, with AWS’s Amazon Bedrock, a fully managed service for deploying foundation models (FMs) through an API.
The key highlights and outcomes of this partnership include:
- Efficiency and Accuracy: The integration of Amazon Bedrock FMs into Genpact’s riskCanvas suite aims to improve the speed and accuracy of detecting, investigating, and preventing financial crime threats for enterprises. This is achieved through the application of generative AI to provide comprehensive summaries and analyses of potential financial crime activities.
- Client Impact: Genpact has worked with multiple riskCanvas clients, including Apex Fintech Solutions, to significantly enhance their capabilities in detecting and preventing various financial crime threats. For example, Apex Fintech Solutions expects to reduce the time spent on case summarizations by 60% by leveraging generative AI features in riskCanvas, allowing their analysts to focus on identifying suspicious financial activity.
- Data Security: The initiative emphasizes responsible AI implementation, ensuring secure data handling and data protection. By using approved client data from the secure riskCanvas ecosystem and Amazon Bedrock’s secure data handling, clients can generate highly accurate outcomes while maintaining data security.
- Customization and Privacy: Amazon Bedrock allows users to customize models privately, ensuring that the generative AI capabilities are tailored to specific use cases and industry needs.
- AI-Led Transformation: The collaboration enables clients to harness the potential of generative AI solutions to transform financial crime operations securely and at scale, thereby driving productivity in investigating, detecting, and preventing financial crime threats.
- Industry Expertise: Genpact combines its industry expertise and intellectual property with AWS’s generative AI capabilities to deliver enhanced solutions for financial services companies.
The partnership between Genpact and AWS represents a significant step in redefining how enterprises address financial crime operations, with a focus on using generative AI to stay ahead of evolving criminal tactics and provide valuable business impact for clients. The use of AWS’s secure and scalable data handling, combined with Genpact’s deep industry knowledge, offers a promising solution to address financial crime challenges in the financial services sector.