GFT unveils AI coding assistant
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As financial institutions modernize their legacy systems, including transitioning to the cloud and deploying new AI use cases across the organization, they are looking for ways to maintain quality while reducing costs. GFT's Wynxx makes this possible, reducing the amount of time cloud and AI capabilities take to launch by up to 95%. The proprietary AI tool has already enabled a global tier-1 investment bank to reduce the time a cloud deployment development task took from over one month to just one day.
Financial institutions want to take advantage of AI driven efficiencies – but less than 40% have even taken the first step: going all in on cloud environments. This is largely because for most financial institutions, digital transformation projects, like the move to the cloud, are a complex undertaking that require significant developer resources. As a result, these financial institutions are facing challenges as they look to harness the power of AI – which typically relies on centralized cloud ecosystems – to bring a competitive edge by reducing operating costs while enhancing the customer experience.
It's against this backdrop that GFT is bringing Wynxx to the U.S. and Canada, allowing financial institutions to decrease the developer time and resources required for large scale digital transformation projects. The new product allows financial institutions to significantly drive efficiency in key digital transformation projects, including:
The move from decentralized, legacy systems to a comprehensive cloud environment. GFT partners with leading hyperscalers – including AWS and Google – to deliver a cloud environment that fits each financial institutions' unique needs. Since cloud deployments take months, or even years to complete in some cases, institutions typically choose to move to the cloud slowly and incrementally. Now, with Wynxx, GFT is able to deliver the same leading cloud transformation services it's grown a reputation for over 20 years faster, so organizations can spend more time innovating new AI solutions that leverage the cloud infrastructure.
Staying up to date with the latest advancements in automation. Most financial institutions have harnessed some form of automation in workflows – such as fraud prevention, anti money laundering and more in recent years, but these technologies continue to improve over time. Updating older automation tools, though, presents a challenge, especially if there are gaps in code documentation (which explains how the code works). With Wynxx, GFT can now reduce the time required for documentation by over 90%, while ensuring the utmost quality, to reduce complexity in new updates.
Injecting AI into manual, error prone tasks to scale offerings and increase revenue. In recent years, financial offerings like private credit have rapidly increased in demand. But most firms cannot scale their manual credit risk analysis at the rate needed to meet this demand without risking accuracy, and subsequently revenue, in lending decisions. At the same time, building a proprietary AI-credit analysis system, with all of the firm's internal risk controls and parameters, is often counted out because of the developer hours required. Now, Wynxx enables GFT to build custom software solutions that interact with the financial firm's existing systems, while taking into account its internal risk preferences and controls – quickly.
'Over the past 35+ years, GFT has built and maintained a reputation for delivering the effective, custom configured technology financial services need to build their business, offer an enhanced customer experience and streamline operations,' said Christopher Ortiz, Regional CEO North America, UK and APAC at GFT. 'Now, with Wynxx, we are able to provide the same quality of service our clients have come to expect from us, in a shorter span of time. We look forward to working alongside our clients to solve their most pressing business challenges, now on a timeline that wasn't previously possible, to foster new avenues for innovation.'
The launch of Wynxx is the latest step in GFT's plan to become a fully AI-centric company by 2025, where AI will be central to not only the company's internal operations, but also the services it provides clients.
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