Temenos has introduced a generative artificial intelligence (AI) solution for banking transactions that automatically categorizes them. This technology allows banks to provide personalized insights, create unique digital banking experiences, and offer more relevant products to their customers.
Temenos claims to be the first to incorporate generative AI and large language models (LLM) within the banking sector. Traditional AI and machine learning systems have already made significant improvements in banking operations and customer experiences, but generative AI and LLM take comprehension to a new level.
Generative AI and LLM can interpret various forms of data, including text, video, audio, images, and code, to generate fresh content across multiple media formats. This advancement has the potential to transform how organizations engage with customers.
The generative AI solution is integrated into the Temenos platform and can also be independently deployed by banks, connecting with their existing core systems through APIs. The solution promises robust security, with training models on anonymized data and the ability to deploy final models in the customer’s environment without exchanging information with third parties.
In a pilot project with Canadian credit union BlueShore Financial, Temenos’ solution provided personalized insights on income and expenses to users of the banking app. It allowed users to access income data from various sources, monitor their tax burden throughout the year, and reconcile year-end tax reporting. Additionally, the solution offered a ‘Year in Review’ feature that provided statistics on spending and savings, along with comparisons to peers.
Temenos continues to invest in integrating AI and machine learning into its products, aiming to enhance customer experiences and automate manual tasks through self-learning capabilities.
By FCCT Editorial Team
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