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Temenos’ generative AI promises personalized insights and transformative client interactions, transforming banking.

A generative artificial intelligence (AI) solution from Temenos has been introduced that automatically classifies financial transactions. Technology enables banks to give tailored insights, develop distinctive digital banking experiences, and offer more pertinent products.

Temenos asserts that it is the first banking company to implement generative AI and large language models (LLM). Generic AI and LLM raise comprehension to a new degree, even if conventional AI and machine learning technologies have already significantly improved banking processes and client experiences.

These technologies can decipher numerous types of data, such as text, audio, video, pictures, and code, to produce original content for various media types. This development opens the door for a radical change in how businesses interact with their clients.

The generative AI solution is integrated into the Temenos platform and enhances Temenos’ digital banking capabilities. Banks can separately implement it as well, integrating it with their current core systems via APIs. The solution also guarantees strong security, the use of anonymized data for model training, and the deployment of finished models directly into the environment of the customer.

Temenos is at the vanguard of AI in banking, according to Prema Varadhan, president product and chief operating officer at Temenos. The first to provide truly explicable AI to the financial services sector, which enables financial institutions to explain in straightforward business terms to both consumers and clients how choices made using AI are made.

We have consistently made investments to integrate explainable AI and ML capabilities into our banking platform and make all products accessible through an intuitive user interface or APIs. Temenos is now leveraging the power of Generative AI as the next stage in a strategic AI roadmap, building on our expertise with Explainable AI and enabling the future of banking with an ethical, secure, and responsible deployment.

Temenos

Innovative client interactions

Moreover Temenos’ service provided customized insights on income and expenses in a test project with Canadian credit union BlueShore Financial. Users of the banking app could track their tax burden throughout the year and reconcile year-end tax reporting by accessing income data from numerous sources that was aligned with Canada’s tax categories.

Additionally, a ‘Year in Review’ tool offered statistics on expenditure and savings, as well as comparisons to peers, producing interesting financial summaries for customers.

“At BlueShore Financial, we are passionate about enhancing our clients’ financial wellbeing in an interconnected, digital world,” said Fred Cook, the company’s chief information officer. Data and AI are essential to our business, and we’re thrilled to use new technologies in a safe and secure way to create cutting-edge new consumer experiences.

Finally Tenemos has accelerated the launch of transparent models enabling many, expanding AI applications by integrating AI and machine learning into its products. These applications all aim to improve user experiences and automate manual chores through self-learning capabilities.

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