10x Banking, the cloud-native core banking platform, has launched a suite of new AI capabilities in a move to accelerate banking transformation, improve operational efficiency, and enhance decision-making for banks.
New AI features are being integrated into 10x Banking’s cloud-native meta core banking platform which was unveiled in July 2024 and aims to solve the challenges of legacy cores and avoids the complex setup and scale challenges of neo cores, providing a de-risked, accelerated path to full cloud-native transformation.
Currently, only around 32 per cent of banks are using AI at the core, according to recent research commissioned by 10x Banking, surveying over 200 senior IT decision-makers in banking and financial services. Meanwhile, almost half (41 per cent) cite AI integration with third-party platforms as their top challenge.
Recognising these challenges, 10x Banking’s new AI capabilities will enable banks to automate the mapping of legacy banking data to accelerate core migration, create and launch new financial products to market in days rather than months – and be able to access granular real-time insights, instead of relying on IT teams for outdated batch reports.
“To get the full benefits of AI, you’ve got to have real-time data at scale,” explained Antony Jenkins, founder and CEO of 10x Banking. “That’s where 10x’s meta core really stands out, delivering real-time insights at massive scale combined with a suite of AI capabilities that can work with bank’s existing systems.”
Through the integration, 10x Banking says financial institutions and banks will be able to leverage AI to speed up innovation, offer real-time personalised products and reduce their cost to serve.
AI-driven insights, customisation and mapping
The 10x Banking AI product suite will comprise three AI-powered solutions built to address industry-wide challenges and unlock the tremendous opportunity of AI-driven banking:
- AI Migrate: AI-powered legacy data mapping, automating the complex migration process to reduce risk, cut costs, and accelerate transformation.
- AI Build: Generative AI-driven product customisation, enabling banks to create and test new innovative products in minutes without engineering bottlenecks
- AI View: AI-driven data insights, providing instant access to key banking metrics without manual reporting or IT dependencies.
Jenkins also added: “Legacy platforms slow down innovation and decision-making migrating to more modern cloud-native cores has historically been costly, complex, and time-consuming. We created 10x to help build better banks – and that means putting the customer at the centre of all they do. In today’s world, that means harnessing real-time data and AI, but only 32 per cent of banks have achieved this in any meaningful way. These new capabilities mean banks can finally move at the speed of AI to better serve their customers.”
With the 10x Banking Platform, banks can deliver scale to their corporate customers in real time and achieve flexibility and security in product and deployment. The 10x Banking Platform provides corporate banks with a core solution, capable of meeting the scale of their operations in real time, supporting over 100,000 transactions per second per bank and up to 2,000 transactions per individual customer account – approximately 80x faster than legacy batch transactions.
