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56 to free up time for employees to carry out more pressing or important tasks . “ Temenos has worked with a number of banks , which has resulted in becoming more efficient operationally ,” she states . “ They become super-efficient because they have delegated a lot of work to ‘ machines ’, but those machines are also learning over time and suggesting ways in which processes can be changed or systems can be improved . That would be a massive advantage to have .”
As a result of such advantages , Varadhan states that the ‘ use case ’ for AI in banking is becoming clearer all the time . It is the reason , she says , “ that we ’ re likely going to have a significant uptake – and we at Temenos want to be at the forefront of that drive .” It is this ambition that has seen the company recently complete the acquisition of Logical Glue , a business that focuses on AI and makes credit algorithms ‘ more human ’, which already boasts several customers in the financial services industry .
The acquisition , explains Varadhan , was driven in part by one of the challenges facing the uptake of AI in
banking : ‘ explainability ’. “ If AI is making decisions , then those decisions have to be justifiable . The bank needs to be confident in the technology and the decisions will need to be audited and regulated – there is no framework for this at the moment . It ’ s quite common for us as a business to aim to stay one step ahead of the regulators , so when we saw the solutions that Logical Glue was offering , we knew it would be
JANUARY 2020