Temenos has added a Responsible Generative AI (GenAI) component to its widely adopted core banking platform, promising users “seamless” data extraction and reporting.
With the addition of the GenAI capability, Temenos platform users can engage in natural language queries to generate insights and reports from systems data.
For instance, users can immediately extract results for the most profitable customers by customer type and demographics.
According to the banking tech developer, the new GenAI add-on can be applied in customer and middle office operations or in product development, enabling banks to “create products in real-time based on customers’ preferences”.
Temenos boasts that the capability will “significantly [reduce] the time it takes for business stakeholders to access and unlock the power of crucial data”.
The GenAI capability “seamlessly integrates” into Temeno’s widely adopted Core and Financial Crime Mitigation (FCM) platforms.
Within the FCM, the GenAI capability can be used to extract, track key themes and report relevant intelligence 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 wrote.
Prema Varadhan, Temenos’s president of product and chief operating officer, said that responsible practice is assured in its AI systems by providing users “explainability, security, safe deployment, and banking-specific capabilities”.
Temenos noted that its GenAI solution “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.”
Varadhan added: “With our AI platform, banks can rapidly implement real-world use cases that enhance efficiency, boost profitability, and create hyper-personalised customer experiences”.
Temenos said it will soon also release Generative AI solutions for its Temenos Wealth and Temenos Digital platforms.
