Temenos launches GenAI solutions for core banking

Rick Steves

“GenAI heralds a new era of efficiency and competitiveness in banking, with the potential to revolutionize customer experiences, streamline processes, and uncover actionable insights.”

As part of its AI-infused banking platform, Temenos has launched Responsible Generative AI solutions, which integrate with Temenos Core and Financial Crime Mitigation (FCM).

The aim is to improve the way banks interact with their data, boosting productivity and profitability to realize substantial return on investment.

After investing extensively in R&D to support its AI initiatives, Temenos first developed its patented Explainable AI (XAI) solutions and now has come up with Generative AI for banking, which generates unique insights and reports, and can be applied in customer and middle office operations or product development.

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 firm explained that, 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. In regard to Financial Crime Mitigation, Temenos Generative AI empowers business users to extract intelligence from data using free text. For example, it can inform where tuning can be applied to improve Straight Through Processing (STP).

Soon, the firm will release Generative AI solutions for Temenos Wealth and Temenos Digital.

“GenAI heralds a new era of efficiency and competitiveness in banking”

Prema Varadhan, President Product and COO, Temenos, said: “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, commented: “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. Providers such as Temenos that place responsible AI operations at the heart of their banking solutions, are well-placed to give financial institutions confidence to experiment and deploy GenAI solutions to critical business functions across the enterprise.”

Banque Internationale à Luxembourg goes live with Temenos

Temenos also announced that Banque Internationale à Luxembourg (BIL) has gone live with Temenos core banking and payments.

Following a complex transformation project, replacing its 30-year-old legacy core banking system, the switch-over to the new Temenos platform was successfully completed in just one weekend. This was the result of close cooperation between BIL, Temenos delivery partner LTIMindtree and a dedicated multifunctional team from Temenos.

On the new Temenos Banking Platform, BIL can integrate and automate a wide range of capabilities, including cash accounts, deposits, lending, securities, and treasury. The bank is also able to handle larger transaction volumes, deliver faster, and increase operational efficiency with digitalized processes that will reduce costs and enhance customer experience.

BIL also acts as a payment hub for other financial institutions, processing up to 200,000 complex and multi-currency payments every day. Using Temenos Payments Hub, the bank has consolidated all payment rail processing onto a single platform, including SEPA, Target2, and cross border, to simplify and standardize its payment operations for all customers.

Founded in 1856, BIL is the oldest universal bank in Luxembourg, recognized as systemically important by the European Central Bank. With EUR44.1 billion in assets, BIL is a key player in retail, private, corporate and institutional banking as well as treasury and financial market services.

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