Temenos unveiled a brand new answer, primarily based on Generative AI, that robotically classifies prospects’ banking transactions.
The brand new providing will assist banks provide extra customized insights and suggestions to their prospects.
Temenos’ Generative AI answer is a part of the corporate’s strategic AI roadmap. Different use instances for the expertise embrace chatbots and guiding buyer journeys.
How will monetary providers corporations reap the benefits of Generative AI? A technique, courtesy of a brand new answer from Temenos, will probably be to leverage the expertise to robotically classify prospects’ banking transactions. This performance will make it simpler for banks to supply customized insights and suggestions to their prospects.
Whereas conventional AI and machine studying applied sciences have been deployed by monetary providers corporations in quite a lot 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, photographs, sound, video, and code – after which leveraging these inputs into quite a lot of options for purchasers.
Temenos’s new Generative AI-based providing allows banks to robotically classify and label buyer transactions. The expertise has a excessive diploma of accuracy and operates in a number of languages. The automated buyer transaction functionality has quite a lot of use instances together with cashflow prediction, buyer attrition evaluation, subsequent greatest product, and extra.
“We’ve regularly invested in embedding Explainable AI and ML capabilities into our banking platform and making obtainable 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 instances starting from wealth administration, AML, credit score scoring, sensible cash administration, assortment optimization, and extra. Nevertheless, transaction classification is the primary occasion of leveraging Generative AI in a Temenos product. The corporate stated in a press release that it plans to increase the expertise 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 prospects and its open platform allows greater than 1.2 billion people to conduct their each day banking actions. Two-thirds of the highest 1,000 banks on the earth and greater than 70 challenger banks in 150+ nations use Temenos’ expertise. Max Chuard is CEO.
Picture by Tara Winstead