Temenos Introduces Generative AI Solution for Banks

Temenos has launched a new solution for banks using Generative Artificial Intelligence (AI) to automatically classify customers' banking transactions. Transactions classification helps banks provide personalized insights and recommendations, offer more engaging and intuitive digital banking experiences, and enhance customer loyalty through more relevant products and offers.

An expert in Explainable AI, Temenos says it is the first to deploy Generative AI and Large Language Models (LLM) in banking with a solution for transaction classification.

Temenos' new Generative AI solution enables banks to classify and label customer transactions from free text narrative automatically and with a high degree of accuracy in different languages.

The Generative AI solution is part of the Temenos platform and is packaged with its digital banking capabilities. Furthermore, it can be deployed as an independent capability for banks to connect with their existing core system through APIs. The new product provides a secure Generative AI solution where the models are trained on anonymous data and in production, the final models are deployed in the customer environment with no need to exchange information with a third party.

Prema Varadhan, President Product and COO, Temenos, said, "Building on our experience with Explainable AI, Temenos is now harnessing the power of Generative AI as the next step in a strategic AI roadmap, powering the future of banking with ethical, secure, and responsible deployment. We believe that such transparency and explainability will be critical for all AI use cases in banking to help satisfy regulatory requirements."

(Source: IBS intelligence)