The AI-enriched core banking features speed up processes and reduce costs for financial services

LONDON: #AI--10x Banking, the cloud-native core banking platform, today unveiled a suite of new AI capabilities being integrated into 10x Banking’s meta core to accelerate banking transformation, improve operational efficiency, and enhance decision-making for banks.

The AI features will be integrated into 10x’s modern, cloud-native meta core banking platform. Unveiled in July last year, the meta core is a new next-generation category of core that solves the challenges of legacy cores and avoids the complex set-up and scale challenges of neo cores, providing a de-risked, accelerated path to full cloud-native transformation.

Research commissioned by 10x Banking, surveying over 200 senior IT decision-makers in banking and Financial Services, reveals that only 32% of banks are currently using AI at the core. Almost half (41%) cite AI integration with third-party platforms as their top challenge.

For the first time financial institutions and banks will be able to leverage AI in the core in a meaningful way to speed up innovation, offer real-time personalised products and reduce their cost to serve. The new AI capabilities mean banks can automate the mapping of legacy banking data to accelerate core migration, create and launch new financial products to market in days rather than months - and be able to access granular real-time insights, instead of relying on IT teams for outdated batch reports.

With the 10x Banking Platform, banks can deliver market-leading scale to their corporate customers in real time and achieve flexibility and security in product and deployment. Importantly, the 10x Banking Platform provides corporate banks with a core solution, capable of meeting the scale of their operations in real time, supporting over 100,000 transactions per second per bank and up to 2,000 transactions per individual customer account – approximately 80x faster than legacy batch transactions.

Antony Jenkins, Founder and CEO of 10x Banking said, “To get the full benefits of AI, you've got to have real-time data at scale. That's where 10x's meta core really stands out, delivering real-time insights at massive scale combined with a suite of AI capabilities that can work with bank's existing systems.”

The 10x Banking AI product suite will comprise of three cutting-edge AI-powered solutions - purpose-built to address industry-wide challenges and unlock the tremendous opportunity of AI-driven banking.

• AI Migrate – AI-powered legacy data mapping, automating the complex migration process to reduce risk, cut costs, and accelerate transformation.
• AI Build – GenAI-driven product customisation, enabling banks to create and test new innovative products in minutes without engineering bottlenecks
• AI View – Instant AI-driven data insights, providing instant access to key banking metrics without manual reporting or IT dependencies.

Antony Jenkins, Founder and CEO of 10x Banking continued, “Legacy platforms slow down innovation and decision-making migrating to more modern cloud-native cores has historically been costly, complex, and time-consuming. We created 10x to help build better banks – and that means putting the customer at the centre of all they do. In today’s world, that means harnessing real-time data and AI but only 32% of banks have achieved this in any meaningful way. These new capabilities mean banks can finally move at the speed of AI to better serve their customers.”

10x Banking’s CPO Okan Ozaltin will present at Money2020 Asia (22nd April @ 14.00 ICT). For interviews, please contact 10x@thoughtldr.com.

About 10x Banking

10x Banking is a cloud-native core banking platform for financial institutions and their partners. Founded by former banking executives and built by technologists, the 10x Banking platform empowers its customers with best-in-class security, scalability and speed.

Proven across transformational deployments including Westpac, Chase and Old Mutual, 10x Banking offers banks the fastest, most cost-effective and derisked path to full cloud-native transformation through its unique ‘meta core’ approach. Its scalable, resilient, and flexible technology is built to empower financial institutions to better serve their customers and communities. 10x Banking is a B-Corp certified business with local presence in London, UK, Sydney, Australia and Singapore and is funded by a portfolio of world-class investors including BlackRock and J.P. Morgan.

For more information, visit https://www.10xbanking.com and follow us on LinkedIn.

Fonte: Business Wire