Banking software company Temenos has launched a new AI-powered financial profiling tool, dubbed ‘Temenos Peer Group Identifier.’
Built to support financial institutions in improving their customer experiences, the solution focuses on a FIs financial crime detection efforts on the highest risk transactions.
Adam Gable, product director, financial crime mitigation treasury and risk, Temenos said: “Temenos Peer Group Identifier provides high protection without unnecessary interruptions and inconvenience to customers.
“Through the use of AI and machine learning, we enable banks to derive highly valuable insights, which simply wouldn’t be possible with conventional techniques.
Temenos Peer Group Identifier is expected to further strengthen the firms Financial Crime Mitigation (FCM) product which covers watch-list screening, anti-money laundering, fraud prevention, and KYC for over 200 clients.
“I’m excited about what this delivers to banks and ultimately their customers in terms of protection, and convenience,” continued Gable.
“Temenos FCM is the most complete financial crime prevention solution covering a multitude of scenarios from AML to fraud detection.”
The new product utilises advanced statistical analysis and machine learning to assess large quantities of data before producing a “unique financial DNA” for each customer.
This is based upon their their income flow, transaction types, spending patterns and the extensive data set maintained in the Temenos FCM product.
It then arranges customers into groups with similar outcomes to provide a measure of normal financial behavior in relation to customers with a similar financial DNA.
Operating in such a way is hoped to drastically improve customer experience as financial institutions can focus its efforts where fit.
“Banks need to deliver frictionless omni-channel digital experiences while at the same time improving fraud detection, thereby protecting their customers and their own reputations,” explained Martin Stiller, senior research analyst, IDC.
“Temenos Peer Group Identifier is an innovative tool which helps banks understand where their risk is, so they can apply resources effectively and stop fraudulent activity.”
The solution is a product of “close collaboration” between Microsoft AI and Temenos’ AI Centre of Excellence, built using Azure and can be deployed on a variety of technology platforms.
