Temenos, a Switzerland-based provider of software to financial institutions, recently expanded its product portfolio with a mortgage processing solution that leverages artificial intelligence (AI). Its aim is to “help lenders to deliver a personalised digital mortgage experience while reducing costs and time to close.” Among its purported advantages are smoother identity verification and document management as well as lower default rates. It is also billed as workable for lenders “of all sizes.”
Temenos COO Prema Varadhan commented, “The mortgage experience from many lenders is slow and fragmented, resulting in customer leakage in the application process. With this new solution, lenders can easily upgrade their mortgage capability, elevating the digital experience and leveraging explainable AI for fast, responsible lending decisions.”
Temenos has 59 offices in 39 countries in the Americas, Eurasia and the Pacific, offering solutions for wealth management functions as well as retail, corporate and business banking. It also has a product for microfinance institutions that facilitates “digital and physical distribution channels and increase[d] access to financial services.” The firm reports that its Model Bank approach serves 3,000 financial institutions in 150 countries.
By Anaya Jhaveri, Research Associate
Sources and Additional Resources
FinTech article
https://fintechmagazine.com/articles/banking-platform-temenos-launches-ai-mortgage-solution
Temenos homepage
https://www.temenos.com
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