Temenos has launched Responsible Generative AI solutions as part of its AI infused banking platform. The secure solutions seamlessly integrate with Temenos Core and Financial Crime Mitigation. According to Temenos, it will revolutionise the way banks interact with their data, boost productivity and profitability.

Temenos patented Explainable AI solutions

Temenos has invested extensively in R&D to support its AI initiatives, resulting in patented Explainable AI (XAI) solutions.

With Temenos Generative AI, users can engage in natural language queries to generate unique insights and reports. This significantly reduces the time it takes for business stakeholders to access and unlock the power of crucial data. For example, responses and results for the most profitable customers by customer type and demographics become instantaneous and accessible.

Transforming efficiency, operations, and product management in banking

Temenos Generative AI is transparent and explainable, allowing users and regulators to verify the results produced. Furthermore, with a robust permissions and access security framework, these solutions can transform efficiency, operations, and product management in banking.  Temenos Generative AI both 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.

The new Generative AI solutions can be applied in customer and middle office operations or product development. This enables banks to create products in real-time based on customers’ preferences. 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 solutions can be deployed on-premise, on any public or private clouds, or delivered via Temenos SaaS.

Prema Varadhan, President Product and COO, Temenos, said: “We all use AI in our daily lives and benefit from the personalised services and insight. Temenos Explainable AI offers transparent, auditable insights. Meantime, 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. Banks can rapidly implement real-world use cases that enhance efficiency, boost profitability, and create hyper-personalised customer experiences.”

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AI for financial crime mitigation

In Financial Crime Mitigation, Temenos Generative AI is empowering business users to extract intelligence from data using free text. This enables 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. Temenos Generative AI can also help managers unlock productivity information. This provides pertinent insights tailored to each institution. For example, it can inform where tuning can be applied to improve Straight Through Processing.

In the near term, Temenos will release Generative AI solutions for Temenos Wealth and Temenos Digital. Temenos is first to market with a secure solution for banks using Generative AI to automatically classify customers’ banking transactions.