Temenos launches „the first Responsible Generative AI solutions for core banking”

Temenos today launched its groundbreaking Responsible Generative AI solutions as part of its AI infused banking platform. „These secure solutions seamlessly integrate with Temenos Core and Financial Crime Mitigation (FCM), revolutionizing the way banks interact with their data, boosting productivity and profitability to realize substantial return on investment.” – according to the press release.

Temenos has invested extensively in R&D to support its AI initiatives, resulting in patented Explainable AI (XAI) solutions. Temenos is now extending its leadership to Generative AI for banking and with its AI infused platform „is enabling banks to deploy AI solutions faster and safer”.

„With Temenos Generative AI, users can engage in natural language queries to generate unique insights and reports, significantly reducing the time it takes for business stakeholders to access and unlock the power of crucial data. For example, responses and results for the most profitable customers by customer type and demographics become instantaneous and accessible.” – the company explained.

Temenos Generative AI is transparent and explainable, allowing users and regulators to verify the results produced. Furthermore, with a robust permissions and access security framework, these solutions can transform efficiency, operations, and product management in banking.  Temenos Generative AI both addresses the main challenges banks face in deploying and integrating this type of technology with their existing data infrastructure, while also addressing their data security and privacy concerns.

The new Generative AI solutions can be applied in customer and middle office operations or product development, enabling banks to create products in real-time based on customers’ preferences.

„The new solutions help banks augment the power of their users and their expertise with the insights drawn from Explainable and Generative AI. They can be deployed as standalone for banks, connecting with their existing core systems with minimal integration. The solutions can be deployed on-premise, on any public or private clouds, or delivered via Temenos SaaS.” – the company added.

Prema Varadhan, President Product and COO, Temenos, commented:

“We all use AI in our daily lives and benefit from the personalized services and insight. 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-personalized customer experiences.”

Bola Rotibi, Chief Analyst, CCS Insight, said:

“GenAI heralds a new era of efficiency and competitiveness in banking, with the potential to revolutionize 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.”

In core banking operations, Temenos Generative AI enhances user workflows, journeys, and day-to-day queries, enabling banks to revolutionize productivity in product creation and account management. By reducing the time and effort required to produce insights, reports, and actions, Temenos Generative AI empowers business users to communicate with data using free text speech, gaining unique insights expressed in a simple manner. This streamlined process promises to substantially cut the time spent on these tasks, allowing banks to focus on optimizing operations and enhancing customer experience. 

In Financial Crime Mitigation, Temenos Generative AI is empowering business users to extract intelligence from data using free text. This enables bank staff to quickly catalogue information, such as financial crime alerts, identifying themes or root causes that could otherwise take humans hours or longer to perform manually. Temenos Generative AI can also help managers unlock productivity information, providing pertinent insights tailored to each institution. For example, it can inform where tuning can be applied to improve Straight Through Processing (STP).

In the near term, Temenos will release Generative AI solutions for Temenos Wealth and Temenos Digital. Temenos is already first to market with an industry-first secure solution for banks using Generative AI to automatically classify customers’ banking transactions.