Middle East banking market

The Temenos AI initiative was announced by the banking software company at Sibo.

Accelerating its efforts in Artificial Intelligence (AI) through its digital banking platform, the Temenos AI initiative will enable banks to offer tailored services to their customers.

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Furthermore, the initiative will drive AI focused developments for banks such as augmenting user decisions with data-driven machine learning intelligence and maximise straight-through processing (STP) rates for financial transactions at lower costs.

The Temenos AI initiative capabilities

The Temenos AI initiative will integrate AI throughout its banking platform available on premise and in the cloud.

The company believes that banks need to get AI-ready to be able to thrive in an even more digital future.

Moreover, Temenos will provide modern data architectures and integration tools that promote real-time data quality and governance. Furthermore, AI and machine learning will process high volumes of data, quicker and more securely.

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Centre of Excellence

The Centre of Excellence will foster a collaborative ecosystem with Temenos’ banking clients and partners. Together they will help identify and validate use cases where AI could have an immediate impact on customer experience.

Vice President of AI Centre of Excellence, Temenos, Prema Varadhan, 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. It will 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 harness the full potential of new technologies.”

Temenos AI Centre of Excellence will initially focus on the following:

  • Front office: Temenos will help banks embed AI to deliver improved customer experiences, greater personalisation and a seamless onboarding process.
  • Payments exemption handling: Temenos will harness AI  to identify any payments going into exception, monitor users’ manual corrections. It will learn how to automate these payments, thereby improving STP rates and lowering costs.
  • Real-time fraud detection: Detecting fraud in real-time is extremely critical for banks. With AI, banks can use a vast amount of customer data and transactions to flag activities outside behavioural patterns that could be a potential fraud