Mphasis teams up with WorkFusion for AI-driven solutions in financial services

Mphasis, a cloud and cognitive services provider, is joining forces with WorkFusion, a digital workforce solutions company, to streamline operations in various domains using artificial intelligence (AI)-driven digital workers. These domains encompass customer service, onboarding, account opening, identity verification, anti-money laundering initiatives, and compliance tasks involving document processing. 

WorkFusion, with its AI digital workers, specialises in helping the financial services sector meet regulatory norms like the Bank Secrecy Act, anti-money laundering, and know-your-customer requirements. The collaboration aims at revolutionising compliance operations for banks and insurance companies, allowing for rapid deployment of AI digital workers. These AI digital workers execute processes in a human-like manner, elevating user experiences and operational efficiency. 

“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,” said Nitin Rakesh, Chief Executive Officer, and Managing Director of Mphasis. 

“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,” said Adam Famularo, CEO of WorkFusion. “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.” 

The Work.AI platform plays a pivotal role in this alliance, enabling the creation and deployment of intuitive AI Digital Workers from scratch, supporting various deployment options including cloud, on-premises, and hybrid. 

In addition to this collaboration, Mphasis on October 16 announced the acquisition of Silverline, a digital transformation consultancy and Salesforce partner. Silverline, established in 2009 and headquartered in New York City, provides a range of services, including consulting, advisory services, implementation, and managed services.  

Nitin Rakesh further emphasized that the acquisition of Silverline aligns with Mphasis's strategic initiative to drive transformation in Customer Experience (CX), contact center modernisation, and conversational AI-enabled automation. This move allows Mphasis to meet the evolving needs of its clients in the tech transformation space.