Hexaware Reinforces AI Leadership With Double Win at Microsoft AI Solutions Foundry – Wins Top 5 and Noteworthy Solutions Awards

June 27, 2023


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 Microsoft Azure 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.” 

About Hexaware 

Hexaware is a global technology and business process services company. Our 29,000 Hexawarians wake up every day with a singular purpose; to create smiles through great people and technology. With 54 offices in 19 countries, we empower enterprises worldwide to realize digital transformation at scale and speed by partnering with them to build, transform, run, and optimize their technology and business processes.

Learn more about Hexaware at https://www.hexaware.com.   

Safe Harbor Statement:

Certain statements in this press release concerning our future growth prospects are forward-looking, which involve numerous risks and uncertainties that could cause actual results to differ materially from those in such statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases globally, our ability to attract and retain highly-skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Hexaware has made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry.

For more information, contact:   

Reena Kamble 
E-mail: reenak3@hexaware.com