Responsible AI News

Temenos unveils first responsible AI for core banking

Temenos launches the first Responsible Generative AI solutions for core banking

Temenos, a leading banking software solutions provider, has declared the introduction of its Responsible Generative AI solutions; thus, the milestone in integrating artificial intelligence into the core banking systems has been reached. This initiative is a part of Temenos’s AI-based platform that is in line with the Temenos Core and Financial Crime Mitigation (FCM) products to make data management and utilization more effective and, therefore, increase productivity and profitability.

The introduction of Generative AI solutions is a consequence of Temenos’s massive investment in research and development, which has already resulted in patented Explainable AI (XAI) technologies. By extending its knowledge to Generative AI, Temenos is now enabling faster and safer deployment of AI solutions in the banking environment.

Temenos Generative AI allows business employees to use natural language queries to generate actionable insights and detailed reports quickly. This feature notably cuts the time it takes for business stakeholders to access and use the essential data, thus simplifying the decision-making process in financial institutions. For example, questions related to the profitability of different customer segments can now be answered instantly, therefore improving operational efficiency.

The transparency and explainability of Temenos Generative AI are the main features of this technology that allow the users and the regulatory agencies to trust and verify the AI-generated results. Also, the technology is built on a solid security framework for permission and access, which will be the reason for transforming the efficiency of banking operations and product management.

The uses of the new Generative AI solutions are numerous and can be implemented into customer-facing services, middle office operations, or product development. These tools help banks create products customized according to customer preferences in real-time. Thus, human expertise is combined with deep AI-driven insights. The solutions are made for the seamless integration with the ongoing banking systems and can be put on-premise, on public or private clouds, or via Temenos’s SaaS model.

Prema Varadhan, the President of Product and COO at Temenos, gave her opinion on the launch of their new platform. She stressed that their AI technology not only provides trustworthy and transparent insights through Explainable AI but also delivers these insights quickly and according to the needs of every individual through Generative AI. Therefore, this guarantees that AI will be used responsibly by paying attention to explainability, security, and safe deployment in the field of banking. Consequently, banks can easily acquire AI solutions to enhance efficiency and profitability and provide customers with a highly personalized experience.

As Bola Rotibi, the Chief Analyst at CCS Insight, said, Generative AI has the potential to significantly change the banking industry. This technology can improve efficiency and competitiveness by changing customer experiences and making operations more straightforward. Although banks might be hesitant, they are keen to use Generative AI responsibly in their operations. Temenos, known for its reliable AI systems, gives financial institutions the feeling of safety when using these technologies.

Practically, Temenos Generative AI improves core banking operations, making the user workflows easier and the day-to-day queries simpler. Thus, this cuts down the efforts and time needed to create insights, reports, and actions. In the field of financial crime mitigation, it facilitates faster analysis and classification of financial crime alerts, thus making decisions more timely and accurate.

In the future, Temenos intends to extend its Generative AI solutions to its Wealth and Digital platforms. The company is already at the forefront of the market with cutting-edge solutions like the automatic classification of customers’ banking transactions using Generative AI, thus strengthening its status as a pioneer in banking technology.

What is your reaction?

In Love
Not Sure
ToAI Team
Fueled by a shared fascination with Artificial Intelligence, the Times Of AI journalists team brings together various researchers, writers, and analysts. We aim to provide a comprehensive knowledge of AI for a broad audience of the Times Of AI. Through in-depth analysis of the latest advancements, investigation of ethical considerations around AI development, AI governance, machine learning, data science, automation, cybersecurity, and discussions about the future impact of AI across various sectors, we aim to empower readers with the details they need to navigate this rapidly evolving field.

    You may also like

    Leave a reply

    Your email address will not be published. Required fields are marked *