Temenos has developed a generative AI tool for automatically classifying customer banking transactions, helping clients to provide personalised insights and recommendations.
In brief:
-The firm says the new product enables banks to classify and label customer transactions from free text narrative automatically and with a 'high degree of accuracy' in different languages
-Packaged as an integrated part of the vendor's core bank offering, the new tool is also acceible independently via an API plugin for non-customers.
-In a pilot with BlueShore Financial, the large language model was used to provide personalised insights on income and expenses.
What does this mean?
Prema Varadhan, president product and COO, Temenos, comments: "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. We believe that such transparency and explainability will be critical for all AI use cases in banking to help satisfy regulatory requirements.”
