Monese subsidiary, XYB, will use Google Cloud’s gen AI and machine learning tools. XYB says that the partnership will pave the way for enhanced customer experiences and greater industry-wide innovation. Specifically, it aims to empower product owners to launch hyper-personalised products to their customers.

It will also reduce operational cost by providing customers with the capability to find answers to common questions and solving complaints without the need for human intervention.

XYB’s coreless banking platform eliminates the traditional barriers that impede rapid development in the financial industry. By leveraging generative AI, the partnership will bring forth a new era of efficiency. This means financial institutions can build cutting-edge products and propositions with unprecedented speed and ease.

XYB coreless banking platform launched in May

XYB aims to improve the way banks make financial services accessible for UK and European clients. Future plans include the expansion of the platform to North American and Asia Pacific markets.

Businesses and companies using the platform are able to pick the tools they need in order to build customised solutions. The new XYB is available initially to customers in Europe and the UK. The aim is to expand the platform into North American and Asia Pacific markets and industries in the near future.

XYB is focusing on several key business use cases, including Assisted Investigation. Banks’ operations teams spend considerable time investigating cases related to blocked payments or paused onboarding. With Google Cloud generative AI and access to the data related to these blocks, users can utilise a chat function on XYB’s back office to collect all the required data while concentrating on the actual investigation and accessing more data than they otherwise would.

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Natural Language Risk Rules

One of the challenges faced by a bank’s risk management teams is learning and understanding the platform they use for risk management, along with framing the necessary risk management policies. This challenge is further amplified when systems change, requiring users to be retrained. XYB’s platform aims to address this issue by allowing risk users to comprehend existing risk policies and create new ones using natural language. The power of these tools, combined with oversight from the bank’s risk management teams, enables risk teams to focus on framing and updating policies without being concerned about system changes. By employing natural language, risk teams can formulate new policies and test them in XYB’s sandbox before implementing them in production.

XYB, Google Cloud collaboration: ‘significant milestone in fintech’

According to XYB, the partnership is poised to reshape the industry by empowering product owners to launch hyper-personalised products to their target customers without depending on the technology team or having a deep technical knowledge of core systems. This will enable financial institutions to unlock their true potential and transform the future of finance.

Partnering with Google Cloud, the ‘coreless’ banking platform fills a gap in the market by enabling banks and non-banks to make new financial services solutions accessible in record time.​​ XYB will use Google Cloud’s generative AI and machine learning tools, and its data security and compliance capabilities, to help customers accelerate the provision of banking products and services to the global marketplace.

Atul Choudrie, CEO of XYB, said: “Our focus remains on surpassing conventional limits and embracing innovation in the financial services industry. Through strategic integration of generative AI, and the continuous optimisation of our technology platforms, we enable banks and non-banks to access an unprecedented realm of advantages derived from the constant evolution of our ‘coreless’ banking technology. In partnership with Google Cloud, we will shape a future where financial services create an era of limitless possibilities.”

Rodrigo Rocha, Director, Global Partnerships at Google Cloud, added“We’re pleased that XYB will bring new Google Cloud-powered generative AI capabilities to its banking platform. XYB’s work with Google Cloud will have a positive impact for financial institutions looking to enhance customer experiences with generative AI.