Hexaware Technologies, a leading global provider of IT services and solutions, has been honored with two prestigious awards at the Microsoft AI Solutions Foundry Program. Competing against more than 30 outstanding teams, Hexaware’s innovative use of AI demonstrated a groundbreaking application of MicrosoftAzure Open AI service, securing a spot among the top 5 winners and an additional special mention.
Hexaware’s BondReco solution was awarded as one of the highly coveted ‘Top 5 Winning Solutions’. This unique offering leverages generative AI capabilities to automatically classify bonds into ERISA-eligible and non-eligible categories, providing invaluable assistance in identifying safe and unsafe investments. Beyond this, BondReco notably reduces manual processing times by over 40+ hours and curtails audit fees by a substantial $7000.
Hexaware’s second solution, Loan Audit Automation, received the distinguished ‘Noteworthy AI Solution Award’. The solution expedites the loan application compliance process, enabling early risk assessment and pinpointing potential Non-Performing Assets. This innovative solution has showcased its potential to reduce a bank’s Adjusted NPA rates by up to 50%.
Milan Bhatt, President & Global Head, Cloud and Data, Hexaware, commented on the recognition, “At a time when Generative AI has become a keystone of innovation, we have seized its profound potential and taken the lead in developing industry-specific solutions that are transforming industries and reshaping business landscapes. By leveraging Microsoft Azure OpenAI service, we’ve crafted solutions that not only save time and money but contribute to a safer and more transparent investment environment. We see this recognition as a reaffirmation of our mission to empower our clients and the industry at large, through ground-breaking AI solutions.”
Venkat Krishnan, Executive Director, Global Partner Solutions, Microsoft India, said, “At Microsoft, our goal is to democratize our breakthroughs in AI through Azure to help people and organizations be more productive and solve the most pressing problems of our society. Microsoft AI Solution Foundry is a five-week intensive program, aimed at offering Microsoft partners an opportunity to innovate by helping them develop cutting-edge AI solutions. My heartfelt congratulations to Hexaware for this achievement and their innovative use of AI to create these unique solutions.”
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