Temenos is increasing the development of artificial intelligence (AI) capabilities throughout its digital banking platform.
The banking software company made the announcement during the Machine Learning Panel at Sibos.
The Temenos AI initiative will enable banks to offer personalised services to customers, augment users’ decision with data-driven machine intelligence and maximise straight-through processing (STP) rates for financial transactions at a reduced cost with limited or no human intervention.
In addition, Temenos has launched a centre of excellence for artificial intelligence as its innovation engine.
The Temenos AI centre of excellence will advance a collaborative ecosystem with Temenos’s banking clients and partners to help identify and validate use cases where AI could have an immediate impact on customer experience.
In addition, it will have an operational excellence to improve the bottom line.
The centre of excellence will initially focus on front office operations, payments exemption handling and real-time fraud detection.
Prema Varadhan, vice-president of AI centre of excellence at Temenos, said that its drive for innovation was constant.
“We invest over 20% of our annual revenues in R&D, an amount that surpasses what a global tier 1 bank would typically spend on its core banking systems, the bulk of which is usually spent on maintenance of legacy systems rather than innovation.
“Our vision is to build and fully embed own and third-party AI capability throughout our banking platform to improve efficiency, automate processes and, crucially, provide personalised customer engagements.
“AI is an integral part of our platform and an essential component in creating the intelligent bank of the future.
“We want to make AI capability accessible to all banks regardless of their type and size.
“Together with our customers and partners we aim to leverage our centre of excellence as an innovation engine that will enable banks [to] harness the full potential of new technologies.”
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