Banking software company Temenos announced the launch of its new Responsible Generative AI solutions, aimed at enhancing core banking operations at the Temenos Community Forum 2024.
The company introduced these AI solutions to integrate with its existing banking platforms, including Temenos Core and Financial Crime Mitigation (FCM).
This latest development is supported by Temenos’ substantial investment in research and development, which has already produced patented Explainable AI (XAI) solutions.
The new Generative AI tools are designed to allow bank employees to interact with data through natural language queries, providing immediate insights and reports, thus significantly reducing response times for accessing crucial data.
The innovative solutions are built with transparency and security, enabling both users and regulators to easily verify results.
The AI technology is designed to be seamlessly integrated with banks’ existing data infrastructures and addresses common challenges related to data security and privacy.
The Generative AI technology by Temenos is versatile, applicable across customer service, middle office operations, and product development.
It allows for the real-time creation of banking products tailored to customer preferences and can operate independently or connect with existing systems with minimal integration needed.
These solutions can be implemented on-premise, across various cloud platforms, or through Temenos SaaS.
In practice, the new AI capabilities enhance day-to-day banking operations by streamlining the generation of insights, reports, and actions, thereby increasing productivity in account management and product creation.
In the realm of Financial Crime Mitigation, the technology enables quick analysis and categorization of financial crime alerts and other critical data.
Looking ahead, Temenos plans to expand these AI solutions to other areas such as wealth management and digital banking platforms.
This initiative places Temenos at the forefront of integrating responsible, secure generative AI technologies in the banking sector.
Prema Varadhan, President Product and COO, Temenos said,
“Temenos Explainable AI offers transparent, auditable insights while our Generative AI infused platform delivers these insights instantly in an intelligent and personalized way.
Temenos ensures responsible AI practices by providing explainability, security, safe deployment, and banking-specific capabilities. With our AI platform, banks can rapidly implement real-world use cases that enhance efficiency, boost profitability, and create hyper-personalised customer experiences.”
Featured image credit: Edited from Freepik
