Temenos launches Centre of Excellence for AI
Banking software firm Temenos is ramping up its artificial intelligence (AI) capabilities. The vendor says its AI initiative “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 at reduced cost with limited or no human intervention”.
The initiative is global, Temenos emphasises, and will be powered by a new Centre of Excellence for AI, which, amongst other things, will “foster a collaborative ecosystem” with Temenos’ clients and partners.
AI capabilities will be “injected” throughout its front-to-back office banking platform, available on premise and in the cloud.
To begin with, the main focus will be on the front-office solutions, payment exemptions handling and real-time fraud detection.
The company says it “has invested heavily in AI across its technology stack from AI-based fraud detection tools, to machine-learning and predictive analytics models”. It also launched a robo-advisor solution, as part of its WealthSuite proposition.
“Our drive for innovation is constant,” states Prema Varadhan, VP of AI Centre of Excellence, Temenos. “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.”