Welcome to our ‘News In Brief’ column in which we digest all the news releases for you in no more than five paragraphs.
Below are snippets of all the media releases we received from June 2 till the end of the week.
This article updates throughout the week.
Elastic, AWS Forge AI Pact
Sydney, June 2: Elastic (NYSE: ESTC) has signed a five-year strategic collaboration agreement with Amazon Web Services (AWS) to advance AI innovation through tighter integrations and joint go-to-market efforts. The partnership aims to accelerate the development of secure, generative AI-powered applications by combining Elastic’s Search AI Platform with AWS services like Amazon Bedrock. Key benefits include improved search performance, faster data migration to Elastic Cloud on AWS, and enhanced compliance capabilities for regulated industries. This move follows Elastic’s recent accolades as an AWS Partner of the Year and its growing footprint in the public and education sectors.
Banks Must Evolve Fast
Melbourne, June 3: Traditional banks must urgently improve customer value delivery and productivity as competition from digital-only banks and non-bank lenders intensifies, according to Boston Consulting Group’s latest report, Fit for Growth, Built for Purpose.
The report highlights Agentic AI and GenAI as key technologies with the potential to transform banking operations, customer engagement, and risk management.
While many banks are investing in digitisation, most still fall short of achieving meaningful impact due to heavy reliance on legacy systems. In Australia, as in other mature markets, scale alone no longer ensures competitiveness. The report stresses the need for bold, strategic AI integration over incremental upgrades.
Despite a 2024 profitability rebound, BCG warns that banks risk falling behind without modern regulatory frameworks to match the evolving financial ecosystem.
HCLTech, UiPath Join Forces
Sydney, June 4: HCLTech and UiPath have announced a global partnership to accelerate agentic automation for enterprises worldwide.
The collaboration will see HCLTech leverage the UiPath Platform™ to implement autonomous operations across key business functions, including finance, supply chain, customer service, and HR.
To support this, HCLTech will introduce pre-configured AI agents and set up a dedicated AI Lab in India with UiPath to develop scalable automation solutions.
The partnership aims to improve business agility, workforce efficiency, and ROI on automation investments across North America, Europe, and Asia-Pacific.
UTS, Kyndryl Expand Program
Sydney, June 4: The University of Technology Sydney (UTS) and the Kyndryl Foundation have officially launched the Cyber Resilience Program to the public after a successful pilot phase.
Initially targeting not-for-profits (NFPs), the program trained 397 participants—well above the 90 expected. Over the next two years, it will offer fully funded cybersecurity training to up to 1,400 individuals in the NFP sector.
The initiative includes four non-technical short courses and one technical micro-credential focused on threat detection.
The program aims to strengthen cyber resilience in NFPs, which are often under-resourced but highly vulnerable to cyber threats.
Media & PR: editor@dailystraits.com. Copyright 2021–Present DailyStraits.com. All rights reserved.