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Temenos Unlocks Personalised Banking with Generative AI Solution

Temenos has unveiled a generative artificial intelligence (AI) solution that automatically categorises banking transactions. The technology empowers banks to offer personalised insights, create unique digital banking experiences as well as provide more relevant products.

According to Temenos, it is the first to incorporate generative AI and large language models (LLM) within the banking sector. While traditional AI and machine learning systems have already driven significant improvements in banking operations and customer experiences, generative AI and LLM take comprehension to a new level.

These technologies can interpret various forms of data, including text, video, audio, images and code, to generate fresh content across multiple media formats. This advancement paves the way for transforming how organizations engage with customers.

Integrated into the Temenos platform, the generative AI solution complements Temenos’ digital banking capabilities. Banks can also independently deploy it, connecting with their existing core systems through APIs. The solution also promises robust security, training models on anonymised data and deploying final models in the customer’s environment without exchanging information with third parties.

Prema Varadhan, president product and COO at Temenos, commented: “Temenos is at the forefront of AI in banking. The first to bring true explainable AI to the financial services industry, which helps financial institutions explain in simple business language to customers and their clients alike how AI-based decisions are taken.

“We have continually invested in embedding explainable AI and ML capabilities into our banking platform and make available all products through an easy-to-use interface or APIs. 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.”

Innovative customer experiences

In a pilot project with Canadian credit union BlueShore Financial, Temenos’ solution offered personalised insights on income and expenses. Users of the banking app could access income data from various sources, aligning with Canada’s tax categories to monitor their tax burden throughout the year and reconcile year-end tax reporting.

Additionally, a ‘Year in Review’ feature provided statistics on spending and savings, along with comparisons to peers, creating engaging financial summaries for customers.

Fred Cook, CIO of BlueShore Financial, commented: “At BlueShore Financial we are passionate about improving our clients’ financial wellbeing in an interconnected, digital world. Data and AI is critical to our strategy, and we are excited to safely and securely leverage new technologies which deliver innovative new customer experiences.”

Integrating AI and machine learning into Tenemos’ products has expedited the rollout of transparent models supporting numerous, expanding AI applications, all aimed at enhancing customer experiences as well as automating manual tasks through self-learning capabilities.

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