TEMENOS
Temenos (SIX: TEMN), the banking software company, today announced during the Machine Learning Panel at Sibos that it is increasing the development of Artificial Intelligence capabilities throughout its digital banking platform. The Temenos AI initiative will enable banks to offer personalized 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.
As part of this global 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.
Temenos’ pioneering initiative will involve injecting AI throughout its packaged, digital banking platform available on premise and in the cloud. Temenos is assisting banks to get ‘AI-ready’ by providing modern data architectures and integration tools that promote real-time data quality and governance, and allow high volumes of data to be consumed by AI and machine learning-based applications. Temenos has invested heavily in AI across its technology stack from AI-based fraud detection tools, to machine-learning and predictive analytics models. Temenos also launched the ‘Robo-Advisor’, as part of its WealthSuite, a packaged solution that helps financial institutions improve returns and enhance their customer experience through a fully automated or a hybrid digital advisory service.
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.”
Temenos AI Centre of Excellence will initially focus on the following:
- Front office . Temenos will help banks embed AI to deliver compelling customer experiences, greater personalization and smoother on-boarding. This delivers cost savings and new revenue streams to banks. For example, Temenos Front Office Suite has numerous, integration, machine learning models, which mine transactional data to understand customer behaviors and patterns. The results of these models are integrated within the platform in order to provide customers with real-time product, service, or educational offers that enhance their financial lives.
- Payments Exemption Handling. Temenos will use AI technologies to identify any payments going into exception, monitor users’ manual corrections, and learn how to fix and automate these payments, thereby improving STP rates and lowering costs.
- Real-time fraud detection. Temenos is using AI to profile individual behaviours and detect fraud in real time. Banks need self-learning capabilities, beyond rules-based engines, to profile customer behaviour, using vast amounts of customer data and transactions to flag activities outside behavioural patterns that could be a potential fraud. Temenos is working towards using cloud computing to deliver new algorithms that help solve the real-time fraud detection challenge.
In a recent report*, Jost Hoppermann, Vice President and Principal Analyst, Forrester , wrote: “The artificial intelligence (AI) space has quickly become a key tool for leading banks to improve customer experience (CX), increase process efficiency, and drive revenue. AI's increasing maturity means that banks' application development and delivery (AD&D) teams should consider off-the-shelf banking software powered by AI. When the dust settles, AI will be embedded as part of all products." He went on to note that, "until recently, only larger banks were in a good position to gain these benefits because using AI required massive in-house skills or intensive help from a systems integrator. This is changing ... AI will move from being something special to a core technology — and banks of all shapes and sizes will have AI-powered banking applications.”
Temenos has been in the forefront of innovation and was the first to offer a core banking system with real-time 24/7 processing, the first to launch a core banking offering in the cloud in 2011, as well as the first to go to market in the cloud with a combined payments hub and core banking platform. Temenos was also first with its MarketPlace, an online digital store, which brings together over 150 financial software products from over 65 certified fintech partners that are fully pre-integrated into the Temenos software. Almost half of Temenos’ 5,000 employees are working in R&D.
*Leverage AI-Powered Banking Platforms To Support True Digital Banking, December 2017, Forrester
– Ends –
About Temenos
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world’s leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 firms across the globe, including 41 of the top 50 banks, rely on Temenos to process the daily transactions of more than 500 million banking customers. Temenos customers are proven to be more profitable than their peers: over a seven-year period, they enjoyed on average a 31% higher return on assets, a 36% higher return on equity and an 8.6 percentage point lower cost/income ratio than banks running legacy applications. For more information please visit www.temenos.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20181023005528/en/
Contact:
Temenos Global Public Relations Manager Jessica Wolfe Tel: +1 610 232 2793 Email : jessica.wolfe@temenos.com or Newgate Communications on behalf of Temenos Alistair Kellie & Andrew Adie Tel: +44 20 7680 6550 Email: allnewgatetemenos@newgatecomms.com
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
SCENTMATIC's AI "KAORIUM" Debuts at THAMEEN Fragrance Launch in London's Selfridges4.7.2025 11:13:00 CEST | Press release
SCENTMATIC Inc., a leader in scent digitalization, introduced its AI-powered scent-to-language system, KAORIUM, at the THAMEEN Fragrance new product launch event. This pivotal event took place from June 5 to 11, 2025, at Selfridges department store in London, UK. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250703662207/en/ State of exhibition Global Expansion: KAORIUM Establishes UK Presence Europe leads the global fragrance market, with the UK projected to reach US$2.82 billion by 2033. Recognizing this, SCENTMATIC is rapidly expanding its international footprint. In May 2024, SCENTMATIC established its overseas subsidiary, KAORIUM, in London, appointing industry expert Ben Yanoushek as CEO. Official UK operations commenced on February 1, 2025, with the launch of its dedicated website: www.kaorium.com. KAORIUM Trialed at "Florentine Diamond" Launch Event The "Florentine Diamond" launch event for luxury brand THAMEEN Frag
Andersen Consulting samarbejder med Mercurial Minds om at forbedre mulighederne inden for digital transformation4.7.2025 01:10:00 CEST | Pressemeddelelse
Andersen Consulting udvider sit udbud af teknologidrevne løsninger med tilføjelsen af samarbejdsfirmaet Mercurial Minds (M.M.), et konsulentfirma inden for digital transformation, AI og IT med base i Pakistan. M.M. blev grundlagt i 2013 og tilbyder en række tjenester, der er designet til at hjælpe organisationer med at udvikle sig og skalere, herunder i forbindelse med deres digitale transformationsstrategi, AI-tjenester, it-rådgivning og udvikling af robuste mobil- og webbrugeroplevelser. Firmaet leverer end-to-end-løsninger – udformning af datadrevne køreplaner, udvikling af intelligent automatisering og levering af sikre mobil- og weboplevelser, der kan skaleres – skræddersyet til virksomheder, der ønsker at forbedre sine forbindelsesmulighederne og opnå indsigter i realtid. M.M. betjener en bred vifte af brancher med fokus på finans, telekommunikation og andre dataintensive sektorer. "Dette samarbejde er en katalysator," siger Nabeel Saiyer, administrerende direktør for M.M. "Vores
Global Tourism Surging Ahead of Economic Growth, With Visits to Hit 30 Billion by 20344.7.2025 01:00:00 CEST | Press release
The World Economic Forum report, in collaboration with Kearney and the Ministry of Tourism Saudi Arabia, predicts a significant uptick in tourist trips across the globeThe tourism sector will contribute $16 trillion to global GDP (more than 11% of the global economy) by 2034, according to World Travel & Tourism Council estimates (WTTC)India and China will be responsible for more than 25% of all outbound travel by 2030 The World Economic Forum has today published a new report forecasting that the travel and tourism industry is projected to serve 30 billion tourist trips by 2034. Travel and Tourism at a Turning Point: Principles for Transformative Growth, produced in collaboration with Kearney and the Ministry of Tourism Saudi Arabia, reveals a projected $16 trillion contribution to global GDP by the same year—representing more than 11% of the total world economy, according to World Travel & Tourism Council estimates. The report also found that the sector is expanding 1.5 times faster th
The 2025-2026 World Branding Awards Animalis Edition Honouring Leading Pet and Animal Brands Globally3.7.2025 21:00:00 CEST | Press release
The 2025-2026 World Branding Awards Animalis Edition marked its fifth instalment, bringing together leading pet and animal brands from all around the world. These brands were celebrated for their outstanding achievements, earning recognition as National, Regional, and Global Winners. The awards ceremony, held at Vienna's prestigious Hofburg Palace, welcomed winners across diverse categories, including pet food, retail, wellness, pet exhibitions, and aquatic products. Mounia Berrada-Gouzi expertly hosted the evening, which culminated in a grand celebration of brand excellence. “The Animalis Edition of the World Branding Awards recognises brands that have achieved the highest distinction—genuine recognition in the hearts and minds of consumers. Tonight, we honour those whose names resonate globally, whose values inspire loyalty, and whose presence defines excellence in the pet and animal industry,” said Richard Rowles, Chairman of the World Branding Forum. Out of over 950 brands nominate
Venture Global Announces 20-Year Sales and Purchase Agreement with PETRONAS3.7.2025 14:59:00 CEST | Press release
Today, Venture Global, Inc. (NYSE: VG) announced the execution of a new 20-year Sales and Purchase Agreement (SPA) with PETRONAS LNG Ltd. (PLL), a subsidiary of the Malaysian state-owned oil and gas company, PETRONAS. Under the terms of the SPA, PETRONAS will purchase 1 million tonnes per annum (MTPA) of liquefied natural gas (LNG) from Venture Global’s third facility, CP2 LNG, for 20 years. This builds upon Venture Global’s existing agreement with PETRONAS for 1 MTPA of LNG supply from Plaquemines LNG. PETRONAS, a world-class partner in the LNG industry, joins other CP2 LNG customers in Europe, Asia and the rest of the world in a strategically important project to global energy supply and security. To date, approximately 10.75 MTPA of the 14.4 MTPA nameplate capacity for CP2 Phase One has been sold. About Venture Global Venture Global is a long-term, low-cost provider of U.S. LNG sourced from resource rich North American natural gas basins. Venture Global’s business includes assets ac
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom