THE INSURTECH INTERVIEW
“I wouldn’ t say most of our clients are fully digitally native, but a large percentage of their application workloads have gone onto the cloud”
ASHISH DEVALEKA, HEAD OF EUROPE, MPHASIS
The combined offering addresses multiple aspects of financial crime prevention, from initial customer onboarding through ongoing monitoring and risk assessment. This comprehensive approach reflects the interconnected nature of financial crime risks, where weaknesses in one area can compromise the effectiveness of controls elsewhere.
Customer onboarding represents a particular area of focus, where AI technologies can streamline compliance processes whilst maintaining regulatory standards. The integration of domain expertise with platform capabilities enables more effective risk assessment during the initial stages of customer relationships.
“ We combine our expertise with the platform and help clients address risks around financial crime, KYC, customer due diligence and customer onboarding,” Ashish explains.
Cloud adoption drives Mphasis legacy modernisation strategies Banking and insurance organisations have progressed beyond initial cloud adoption to more sophisticated implementations, with many clients having migrated substantial portions of their application workloads. This maturity in cloud adoption has created new opportunities for partners able to address legacy modernisation challenges using AI technologies.
Mphasis has observed that whilst clients may not be fully digitally native, they have achieved significant cloud migration progress. The company’ s role has evolved from facilitating initial cloud adoption to helping clients leverage their cloud investments for legacy system modernisation.
“ Cloud adoption is not new anymore,” Ashish notes.“ Clients have been doing it for the last few years. I wouldn’ t say most of our clients are fully digitally native, but a large percentage of their application workloads have gone onto the cloud.”
The next phase of cloud utilisation involves applying generative AI capabilities to legacy modernisation challenges. Mphasis has developed platforms designed to extract knowledge from legacy systems and create knowledge graphs that inform cloud migration strategies.
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