Temenos Launches Generative AI Solutions to Help Banks Enhance Efficiency and Boost Profitability

Temenos, the SaaS cloud banking solution provider, has launched new generative AI solutions as part of its AI-infused banking platform, in a move hoping to change how banks interact with their data, as well as boost productivity and profitability.

Leveraging 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.

Temenos generative AI also enables users and regulators to verify the results produced. The solution 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.

Prema Varadhan, president product and COO at Temenos, explained: “We all use AI in our daily lives and benefit from the personalised services and insight. Temenos Explainable AI offers transparent, auditable insights while our generative AI-infused platform delivers these insights instantly in an intelligent and personalised 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-personalised customer experiences.”

Temenos’ new 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.

Giving FIs ‘confidence to experiment’

In core banking operations, Temenos generative AI enhances user workflows, journeys, and day-to-day queries, enabling banks to revolutionise 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 optimising operations and enhancing customer experience.

The new solution also hopes to help business users extract intelligence from data using free text; enabling 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.

Bola Rotibi, chief analyst at research and advisory firm CCS Insight, also added: “Generative AI heralds a new era of efficiency and competitiveness in banking, with the potential to revolutionise 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 generative AI solutions to critical business functions across the enterprise.”