HCLTech, AWS, to drive AI-led transformation for financial services firms

Indian IT services firm HCLTech has extended its collaboration agreement with Amazon Web Services (AWS) to accelerate AI-driven modernisation across the financial services industry, the company said on Tuesday. The partnership will combine HCLTech’s sector expertise with AWS’s cloud capabilities to help banks, insurers and wealth firms automate operations, upgrade legacy systems and improve customer engagement.

“The need of the hour is a trusted partner that can engage across the transformation lifecycle,” said Srinivasan Seshadri, chief growth officer and global head of financial services at HCLTech. He added that many institutions continue to grapple with legacy infrastructure, fragmented data and rising regulatory pressures, making autonomous and modernised architectures a strategic imperative.

As part of the collaboration, HCLTech will roll out a suite of industry-compliant, pre-built solutions to modernise contact centres, enhance digital channels and streamline core platforms across banking, wealth and insurance. New offerings in wealth and banking will be powered by AWS, with HCLTech also providing strategic consulting to institutional clients.

Vikram Dewan, CIO at Jefferies, said the joint work with HCLTech and AWS is helping the firm drive “new levels of agility and innovation,” enabling modernisation of core financial platforms and unlocking the potential of cloud and AI at scale.

Scott Mullins, managing director of worldwide financial services at AWS, said the collaboration blends AWS’s financial services expertise and scalable cloud infrastructure with HCLTech’s consultative model to help clients accelerate modernisation while meeting stringent security and compliance standards.

The latest agreement builds on the companies’ long-standing partnership to support financial institutions in modernising core systems and adopting AI-powered digital capabilities.