Genpact Partners with AI Specialist Rage Frameworks

The two firms are teaming up to create solutions that extend automation systems in financial institutions via artificial intelligence technologies. As part of the partnership, Rage will join Genpact's incubation program based in the Silicon Valley.

Sanjay Srivastava, chief digital officer for Genpact, tells WatersTechnology that Rage's expertise in financial services, Genpact's biggest vertical, along with having technology that is complimentary to Genpact's business, made the partnership a good fit.

"Genpact's Lean Digital approach combines design thinking methodology, with Lean principles, and advanced technologies like those from Rage to re-architect business processing into the digital future," Srivastava says. "Together, we bring unique solutions to the marketplace to help financial institutions drive digital transformation throughout their enterprises, and get the most return on investment (ROI) from their technology investments."

Solutions to Come

Some of the solutions the two firms are working on include automating financial statement spreading services and vendor screening services. By doing this, the firms hope to help clients increase efficiency and consistency while having better compliance controls, according to Srivastava.

These types of solutions, Srivastava says, will help firms get better ROI on their investments into new technology by using more intelligent, agile and adaptive processes and operations.

"Working with Rage strengthens Genpact's capabilities in disruptive technologies like artificial intelligence and business process automation," Srivastava says. "Partnerships like this help us drive complete transformation of the work we do for our clients, and re-architect traditionally manual business processing to become more automated, intelligent, and adaptive."

Mutually Beneficial

The partnership will be mutually beneficial, Srivastava points out, as Rage, in addition to joining Genpact's incubator program, is now teamed up with a firm that has over 800 clients in 25 countries around the world.

The two will work together to help firms with their digital transformation projects. Srivastava cited a research paper done by the Genpact Research Institute that found of the $593 billion spent by firms annually on digital projects nearly $400 billion is considered wasted.

"Digital transformation brings tremendous opportunities though also is one of the biggest challenges that financial institutions and other enterprises face today," Srivastava says. "Genpact helps financial institutions drive true value from their transformation initiatives through a unique approach that combines design thinking that prioritizes focus on the end user, Lean principles, and digital technology from partners like Rage and a number of other cutting-edge disruptors."