Temenos plans digital banking AI drive

Temenos has revealed its AI intentions with a new initiative which will enable banks to offer “personalised services to customers, augment users’ decisions with data-driven machine intelligence, and maximise straight-through-processing (STP) rates for financial transactions”.

As part of this initiative, Temenos has just launched a Centre of Excellence for Artificial Intelligence as its innovation engine. The Temenos AI Centre of Excellence will “foster a collaborative ecosystem with Temenos’ banking clients and partners to help identify and validate use cases where AI could have an immediate impact on customer experience, as well as operational excellence, and hence improve the bottom line”.

Prema Varadhan, Vice President of AI Centre of Excellence, Temenos, said: “Our drive for innovation is 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 personalized 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 harness the full potential of new technologies.”

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