DUBLIN, Ireland, May 13, 2024 (GLOBE NEWSWIRE) -- TEMENOS COMMUNITY FORUM
2024 - Temenos (SIX: TEMN) today launched its groundbreaking Responsible
Generative AI solutions as part of its AI infused banking platform. These secure
solutions seamlessly integrate with Temenos Core and Financial Crime Mitigation
(FCM), revolutionizing the way banks interact with their data, boosting
productivity and profitability to realize substantial return on investment.
Temenos has invested extensively in R&D to support its AI initiatives, resulting
in patented Explainable AI (XAI) solutions. Temenos is now extending its
leadership to Generative AI for banking and with its AI infused platform is
enabling banks to deploy AI solutions faster and safer.
With 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. For
example, responses and results for the most profitable customers by customer
type and demographics become instantaneous and accessible.
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, enabling 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, commented: "We all use AI in
our daily lives and benefit from the personalized services and insight. Temenos
Explainable AI offers transparent, auditable insights while our Generative AI
infused platform delivers these insights instantly in an intelligent and
personalized 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-personalized customer
experiences."
Bola Rotibi, Chief Analyst, CCS Insight, said: "GenAI heralds a new era of
efficiency and competitiveness in banking, with the potential to revolutionize
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 GenAI solutions to critical business
functions across the enterprise."
In core banking operations, Temenos Generative AI enhances user workflows,
journeys, and day-to-day queries, enabling banks to revolutionize 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
optimizing operations and enhancing customer experience.
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, providing pertinent insights tailored to each
institution. For example, it can inform where tuning can be applied to improve
Straight Through Processing (STP).
In the near term, Temenos will release Generative AI solutions for Temenos
Wealth and Temenos Digital. Temenos is already first to market with an industry-
first secure solution for banks using Generative AI to automatically classify
customers' banking transactions
(https://www.temenos.com/news/2023/09/06/temenos-first-to-launch-secure-
generative-ai-solution-in-banking-to-help-banks-offer-personalized-
experiences/).
About Temenos
Temenos (SIX: TEMN) is the world's leading platform for composable banking,
serving clients in 150 countries by helping them build new banking services and
state-of-the-art customer experiences. Top performing banks using Temenos
software achieve cost-income ratios almost half the industry average and returns
on equity 2X the industry average. Their IT spend on growth and innovation is
also 2X the industry average.
For more information, please visit www.temenos.com (http://www.temenos.com).
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