Mphasis CEO Nitin Rakesh advises not to create another AI system to compete with ChatGPT

Mphasis CEO, Nitin Rakesh, says that businesses do not have to build their own alternative AI system to compete with ChatGPT but must use it in the best possible way. He believes that AI is useful in enabling self-help, digital integration, and building long-term relationships between customers and service providers. Mphasis recently acquired UK-based firm, eBECS, to provide custom solutions for organisations using Microsoft Dynamics 365. Rakesh highlights the significant transformation in the way businesses operate today, with a push to launch new products faster than others. He urges the banking, auto, and insurance industries to keep up with changing dynamics of information and technology. However, changing banks’ systems while keeping them fully operational is difficult. Mphasis is using AI to improve productivity, efficiency, and unlock new opportunities, and has launched its new service, Mphasis.ai, with a partnership with Kore.ai. They aim to build solutions to better connect with consumers using virtual assistants.