Temenos has officially introduced its Responsible Generative AI solutions, enhancing its AI banking platform’s capabilities.
The introduction follows the launch of Temenos’s initial generative AI tool in September of the previous year, which focused on the automatic classification of customer banking transactions. The latest offerings are designed to seamlessly integrate with Temenos Core and Financial Crime Mitigation (FCM) systems.
These innovative solutions are applicable across various operations within customer service, middle office functions, and product development. By leveraging natural language models, users can derive insights and generate reports, allowing banks to create products in real-time that align with customer preferences.
Temenos emphasizes the explainability of its generative AI technology, ensuring that both users and regulators can verify its processes. The initial rollout of these solutions is targeted towards Temenos Wealth and Temenos Digital.
Prema Varadhan, President of Product and COO at Temenos, remarked, “AI is a part of our daily lives, providing personalized services and insights. Temenos Explainable AI offers clear and auditable results, while our Generative AI-infused platform delivers these insights promptly in an intelligent and personalized manner. We are committed to responsible AI practices through transparency, security, safe deployment, and banking-specific functionalities. Our AI platform enables banks to swiftly implement practical use cases to enhance efficiency, increase profitability, and provide hyper-personalized customer experiences.”
Bola Rotibi, Chief Analyst at CCS Insight, noted, “Generative AI marks the dawn of a new era in banking, promising to transform customer experiences, optimize processes, and reveal actionable insights. Given the inherent caution of banks in fully embracing generative AI, establishing a reliable track record in responsible AI will be crucial for financial institutions as they explore and deploy these transformative models across critical business functions.”
For those interested in the evolving landscape of artificial intelligence in banking, the upcoming NextGenAI conference hosted by Finextra on November 26, 2024, will address the challenges and opportunities this technology presents.