Temenos unveiled a brand new resolution, based mostly on Generative AI, that mechanically classifies clients’ banking transactions.
The brand new providing will assist banks provide extra personalised insights and suggestions to their clients.
Temenos’ Generative AI resolution is a part of the corporate’s strategic AI roadmap. Different use circumstances for the know-how embody chatbots and guiding buyer journeys.
How will monetary providers corporations reap the benefits of Generative AI? A method, courtesy of a brand new resolution from Temenos, shall be to leverage the know-how to mechanically classify clients’ banking transactions. This performance will make it simpler for banks to supply personalised insights and suggestions to their clients.
Whereas conventional AI and machine studying applied sciences have been deployed by monetary providers companies in a wide range of contexts, generative AI and Giant Language Fashions (LLMs) provide these corporations the flexibility to reinforce each operations and buyer experiences even additional. This is because of the truth that Generative AI and LLMs outperform conventional AI and machine studying approaches in relation to understanding language, photos, sound, video, and code – after which leveraging these inputs into a wide range of options for patrons.
Temenos’s new Generative AI-based providing allows banks to mechanically classify and label buyer transactions. The know-how has a excessive diploma of accuracy and operates in a number of languages. The automated buyer transaction functionality has a variety of use circumstances together with cashflow prediction, buyer attrition evaluation, subsequent greatest product, and extra.
“We’ve frequently invested in embedding Explainable AI and ML capabilities into our banking platform and making out there all merchandise by means of an easy-to-use interface or APIs,” Temenos President of Product and COO Prema Varadhan stated. Varadhan referred to the brand new providing as a part of the corporate’s strategic AI roadmap and underscored the worth of transparency and explainability in relation to deploying AI.
Temenos has deployed explainable AI in all kinds of use circumstances starting from wealth administration, AML, credit score scoring, sensible cash administration, assortment optimization, and extra. Nonetheless, transaction classification is the primary occasion of leveraging Generative AI in a Temenos product. The corporate stated in an announcement that it plans to increase the know-how to chatbots and buyer interfaces, in addition to in guiding buyer journeys and responding to buyer queries.
A Finovate alum since 2013, Temenos was based in 1993 and is headquartered in Geneva, Switzerland. The corporate serves 3,000 clients and its open platform allows greater than 1.2 billion people to conduct their day by day banking actions. Two-thirds of the highest 1,000 banks on the planet and greater than 70 challenger banks in 150+ international locations use Temenos’ know-how. Max Chuard is CEO.
Photograph by Tara Winstead
