Temenos Introduces Gen AI Solution for Classifying Banking Transactions


Temenos has introduced a secure solution that uses generative artificial intelligence (AI) to deliver personalized banking experiences by automatically classifying customers’ banking transactions.

The tool aims to enhance digital banking experiences, provide personalized insights, and improve customer loyalty through more relevant products and offers, Temenos said in a Wednesday (Sept. 6) press release.

“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,” Temenos President Product and Chief Operating Officer Prema Varadhan said in the release.

While traditional AI and machine learning (ML) systems have made strides in improving operations and customer experiences, generative AI like the technology Temenos has deployed has the potential to revolutionize customer interactions by better understanding language, video, audio, images and code to generate new outputs, per the release.

Temenos’ solution Temenos enables banks to accurately classify and label customer transactions from free-text narratives, including different languages, the release said. The transaction classification is important for various banking use cases, including next best product recommendations, cash flow predictions, customer budget advice, peer grouping and customer attrition analysis.

The tool can be integrated with existing core systems through application programming interfaces (APIs), per the release. It ensures data security as the models are trained on anonymous data, and the final models are deployed in the customer environment without the need to exchange information with a third party.

Transaction classification is the beginning for Temenos’ generative AI solution, according to the release. The company is exploring further use cases, including integrating it into chatbots and customer interfaces, guiding customer journeys, and triaging and routing customer inquiries.

By tapping future-fit AI solutions, including natural language processing (NLP) tools, a firm can process millions of calls and identify key problems in real time, rather than having to parse through an immense amount of data manually, i2c CEO and Chairman Amir Wain told PYMNTS in an interview posted in June.

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