Temenos Rolls Out Generative AI Solution for Banksby Fintech News Singapore September 6, 2023
Banking software company Temenos has rolled out a secure solution for banks using Generative Artificial Intelligence (AI) to automatically classify customers’ banking transactions with a high degree of accuracy in different languages.
This would help banks provide personalised insights and recommendations, offer more intuitive digital banking experiences as well as relevant products and offers.
Banks can also tap this for a wide range of uses such as the development of their next best product, cashflow predictions, customer budget advice, peer grouping, customer attrition analysis among others.
The Temenos Generative AI solution can be deployed as part of Temenos’ digital banking capabilities or as a standalone solution.
The new product provides a secure Generative AI solution where the models are trained on anonymous data and in production, the final models are deployed in the customer environment with no need to exchange information with a third party.
Temenos has piloted the AI solution with BlueShore Financial, a credit union in Canada, for personalised insights on income and expenses.
Prema Varadhan, President Product and COO, Temenos said,
“We have continually invested in embedding Explainable AI and ML capabilities into our banking platform and make available all products through an easy-to-use interface or APIs.
Building on our experience with Explainable AI, Temenos is now harnessing the power of Generative AI as the next step in a strategic AI roadmap, powering the future of banking with ethical, secure, and responsible deployment.”