Temenos Infinity: Giving banks the ability to create AI-driven customer experiences

Temenos, the banking software company, announced that it has delivered new industry first Banking Distribution Services as part of the award-winning Temenos Infinity digital front-office banking product.

Temenos Infinity is the first core-agnostic product to give banks the ability to continuously transform at scale, creating AI-driven customer experiences. Through upgradeable, standalone distribution services banks are able to retain their own apps and digital banking experience but offer deeper personalized customer engagement capabilities.

As the first to deliver a packaged, API-driven, digital front-office capability allowing banks to create hyper-personalized experiences while building on cloud-native, cloud-agnostic microservices, Temenos uniquely enables continuous renovation at scale of sales, servicing and marketing capabilities for the largest banks worldwide, requiring an architecture that abstracts the underlying complexity from delivery of personalized service across channels, to small banks wanting to differentiate through innovation and services, Temenos Infinity delivers agility and extensibility to both through its new microservice distribution.

Temenos Infinity is available “out-of-the-box” with Temenos Transact or as a package of services for use on any core, in any architecture.

Max Chuard, Chief Executive Officer, Temenos, said: “At Temenos, we recognize that distribution has split from manufacturing in response to open banking and other structural changes in the banking industry.

“Last year we launched Temenos Infinity and Temenos T24 Transact to offer banks more choice in how they wish to transform and today we are launching another Industry first with the delivery of API and microservice based distribution services in Temenos Infinity.

“This major milestone, unmatched in the digital banking market, gives banks the ability to offer personalized, explainable AI driven products, rapid development and deployment, and reduced cost of operation up to an enterprise-wide scale. While other digital banking products put limits on the biggest banks, Temenos Infinity gives a path to the future”.

Originations and onboarding

Consistency and low friction for onboarding and origination of customers and/or products are of paramount importance. This is incredibly difficult to achieve when banks have different products in different systems with differing requirements.

The Originations Distribution Service manages the business processes associated with onboarding of customers and origination of products encompassing business processes workflows, associated rules, task assignment, in-flight applications persistence and fulfilment in one place.

This distribution service provides optimization in the user journeys through Journey Analytics irrespective of the platform on which apps are built.

Smart AI-driven credit scoring of the applications with full explainability of the decisions is fully embedded into this service offering high accuracy, transparency and automation while accepting/rejecting the applications.

Marketing catalogue

Banks typically have between 50 – 500 products for sale at any one time. As a customer of the bank, how do I know what product is best for me? Temenos Infinity Distribution service is a complete source of system-independent data of product details and marketing content crossing all the banks products, and capable of consuming products and services outside of the bank.

Examples include products offered by fintechs (such as payment devices) or real banking products that can be sold and marketed on behalf of other banks. Temenos AI-based customer needs analysis learns and deciphers models to allow better products and increased cross-selling across the entire spectrum of the banks desired product placement and marketing strategy.

Real time engagement for marketing

Contextual banking is the ability to understand the client at moment they are engaged with the bank; e.g. a large purchase could offer immediate goal-based decisions on whether to pay with cash, card or short-term personal finance.

This distribution service stores offers and allows banks to utilize AI with input captured from multiple sources to deploy engagement campaigns in real time. These are used in conjunction with real- time analytics and AI models covering customer attrition, customer lifetime value, next best product, and transaction outlier detection.

Multi-party services

Multiple systems, multiple customer records and inconsistent data, are routinely a day in the life of every bank. Given that onboarding is automated, a customer of the bank expects one place to go to change any and all data related. This data needs to be up-to-date for regulations such as KYC tax and even groups and corporate structures as applicable.

This distribution service contains all Party information and structures needed to support sales, servicing and marketing the bank undertakes making those processes low friction.

It provides a central repository of high quality Party data for Retail, SME, Corporate and wealth customers. KYC refreshes, Taxation, Groups and hierarchies among parties are examples of information provided in this central data store.

Holdings and arrangements services

Designed as high performance, always available, read-only Distribution services, this provides balances and transaction details of all arrangements that customer has with a bank on any digital channel through APIs.

For open banking and PSD2 aggregation of external accounts and the ability to transact over them is provided by this unique capability of Temenos Infinity. It enables banks to deliver high performance open banking experiences.

The balances and transaction data is further classified and aggregated. Where possible they categorized at a more granular level using AI-driven automation and learning. Manual categorization possibility further enhances this process. All of this leads to a deeper more meaningful personalization capability of the data for sales and real time engagement.

Payment initiation

A distribution service dedicated to capture, validate and submission of international, domestic and instant payments of various regions independent of core/payment execution system. The services provide the ability to reserve funds offer advice on the fastest, best and or cheapest route for the money flow providing exceptional customer experience.

The customer can accept the payment route before execution or change as needed. Based on AI-driven transaction prediction and smart payment routing models, this distribution service can offer personalized payment services at an account level based on learning and additional models.

Funds authorization service

This service provides the ability to check and reserve funds on an account for all payments that are initiated in a bank before the payment is executed in any core/ payment system. This ensures digital payment services are available without any interruption even if payment systems are unavailable.

The risk to the bank, therefore, is greatly reduced when banks sometimes, and with legacy cores, operate in the “acceptable risk” zone of when the core is closed for processing.

In the open banking environment, banks are moving to separate product distribution from manufacturing to take advantage of opportunities for distribution across multiple channels and to establish new business models and meet the demands of their customers. Temenos Infinity distribution services allows this.

Packaging of these distribution services separate from core manufacturing makes Temenos Infinity the first to deliver a modern layered bank architecture with the banking features, salable products and marketing capability all inbuilt.

Additionally, for large banks aspiring to lead development of their own AI-driven personalized open banking experiences, building on packaged microservices will allow a quicker delivery that is more agile and better able to adapt to Open Banking, regulations and market change opportunities.

Another innovation for Temenos Infinity is the separation of applications from the API-driven distribution services. This gives each bank the ability to consume Temenos Infinity products at their desired level.

For banks requiring a packaged solution to address retail, business or corporate banking, or wealth management customer journeys, Temenos Infinity Apps provide an extensible business solution.

For banks wanting to take greater control of their trajectory and build their own apps from a proven set of API-driven distribution services, Temenos Infinity gives them a low risk, fast to market, upgradeable option which allows the bank to quickly adapt and adopt any new or enhanced distribution service offering more capability, combined with the ever learning AI capability models being drawn in from a global audience.

Temenos Infinity is the first to offer banks an API driven product delivery, where the banking platform is delivered as a set of API accessible services, and the user visible journeys are created by the bank using their preferred design tools.

Its cloud-native, cloud-agnostic standalone distribution microservices allow banks to focus on differentiating customer experiences, while benefiting from a packaged set of services for the difficult data collection, security, AI based personalization and FinTech integration behind the scenes.

It addresses the realistic needs of banks continuously renovating a mixed environment of core systems.

Temenos Infinity enables banks to easily integrate with banking and non-traditional third parties using open APIs, taking advantage of the open banking opportunities. It is the most open and agile SaaS product available, allowing banks to continuously extend and expand their digital experience for all or portions of the customer lifecycle.

Temenos Infinity is available on premise, as a SaaS offering, or in the cloud via Microsoft Azure, AWS and Google Cloud. Temenos Infinity can be deployed alongside any core banking system or pre-integrated with Temenos T24 Transact, the market leading core banking product.

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