Leading software-as-a-service (SaaS) and cloud banking provider, Temenos, has announced the launch of its first Responsible Generative AI solutions for core banking.
Prema Varadhan, President Product and COO, Temenos confirmed the development on the company’s official page seen by Newsng on Tuesday.
With over 3000 financial institutions across 150 countries, The Switzerland-based company claims it “powers a world of banking that creates opportunities for everyone.”
According to the company’s release, the goal of Temenos’ new product is to transform how banks use their data, and the business believes this will eventually increase banks’ profitability and productivity.
Inside sources claimed that the new Responsible Generative AI solutions from Temenos function similarly to existing GenAI engines, like ChatGPT, in that bank staff can query the engine using natural language, and the engine will use the data from the banks to produce reports and insights that are exclusive to the bank.
The new technologies can be used by banks for a variety of tasks, such as managing current accounts, coming up with ideas for new products, and reducing financial crime.
Using insights from Explainable and Generative AI, the new solutions assist banks in enhancing the capabilities of their users and their knowledge.
Prema Varadhan, President, Product and COO of Temenos, said, “We all use AI in our daily lives and benefit from 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.”
For banks, they can be implemented as standalone solutions that interface with their current core systems with the least amount of interaction.
The solutions can be supplied via Temenos SaaS, installed on-site, or hosted on any kind of public or private cloud.
Reacting to the Temenos update, Bola Rotibi, Chief Analyst, CCS Insight, said:
“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.”
We earlier reported that Airtel India and Google Cloud have announced a strategic partnership to spread cutting-edge AI technologies to Indian businesses and hasten cloud adoption amid the rapid growth of the Indian public cloud market.
