bankingciooutlook

AI-Powered Explainable Applications are here to Update Core Banking Systems

By Banking CIO Outlook | Friday, August 02, 2019

For banks to have advantages over their challengers, they need to update core banking systems with leading-edge technology-enabled robust functionality. 

FREEMONT, CA: A banking software company, Temenos acquires Logical Glue Ltd., a London-based provider of a patented, award-winning Explainable AI (XAI) platform. The acquisition is expected to accelerate the former’s AI roadmap by fetching together proven, industry-first XAI platform, AI credit scoring models, and deep AI and Machine Learning expertise. The inclusion will also provide banks with progressive AI applications irrespective of the cloud that banks decide to deploy. 

“This is a highly strategic acquisition for Temenos as it accelerates our AI roadmap, brings an impressive team onboard that is immersed in AI and Machine Learning and builds upon the work carried out by Temenos’ AI Centre of Excellence. Logical Glue is a true innovator, and their patented, award-winning Explainable AI platform and AI credit scoring models are unique in the banking industry. Explainable AI is a game-changer for our customers. It will give them greater transparency and explainability of AI automated decisions and recommendations, helping them harness AI technology to create seamless customer journeys and automate manual processes while meeting the growing regulatory demands. The Logical Glue XAI platform will be immediately integrated with Temenos’ cloud-native, cloud-agnostic banking platform and will be available with all Temenos products giving our customers, the next generation of AI-powered explainable applications,” exclaims Max Chuard, CEO of Temenos.

With the digitization strongly impacting the banking and finance industry, it has become imperative for banks to upgrade their banking systems. Along with this, growing market demands and customer expectations are pushing the industry to embrace change. Temenos is an expert in tackling these challenges. Besides, the company specializes in creating software solutions that support banks in addressing the needs.

Temenos’ offerings—building a future proof core system —are based on customer requirements. The company is looking forward to building stronger collaboration in the future to allow seamless and highly efficient core banking. Temenos is listed among Banking CIO Outlook’s Top 10 Core Banking Technology Solution Providers. Temenos, the world’s leader in banking software, is also partnering with financial institutions to transform their businesses and thrive in the changing marketplace.   

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