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Temenos ramps up AI offensive

Temenos ramps up AI offensive

Temenos has announced the launch of its Responsible Generative AI solutions as part of its AI banking platform.

The company launched its first generative AI tool in September last year, for automatically classifying customer banking transactions. This new wave integrates with Temenos Core and Financial Crime Mitigation (FCM).

The solutions can be applied in customer and middle office operations or product development. Users can engage with natural language models to generate insights and reports. Temenos states this will enable banks to create products in real-time based on customers preferences.

Temenos claims this generative AI is explainable and that this new solution can be verified by users and regulators.

The company will initially release this product for Temenos Wealth and Temenos Digital.

Prema Varadhan, president product and COO, Temenos, commented: “We all use AI in our daily lives and benefit from the personalised services and insight. Temenos Explainable AI offers transparent, auditable insights while our Generative AI infused platform delivers these insights instantly in an intelligent and personalised 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.”

Bola Rotibi, chief analyst, CCS Insight, said: “GenAI heralds a new era of efficiency and competitiveness in banking, with the potential to revolutionise customer experiences, streamline processes, and uncover actionable insights. Banks are naturally cautious in embracing generative AI to the full and want to ensure they do so responsibly. A proven track-record in delivering responsible AI will be vital for financial institutions to confidently experiment and deploy generative AI models for critical business functions across the enterprise.”

Discover new challenges and opportunities artificial intelligence brings to the banking sector at Finextra's first NextGenAI conference on November 26 2024. Register your interest here.

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