10x Banking adds new AI capabilities to core platform
10x Banking has rolled out new AI capabilities designed to enhance its cloud-native core banking platform.
These features aim to expedite banking transformation, improve operational efficiency, and support decision-making processes within financial institutions.
The AI functionalities will be integrated into 10x Banking's meta core, launched in July of the previous year, which addresses the limitations of traditional core systems while simplifying the transition to a fully cloud-native environment.
The 10x Banking platform allows banks to automate the mapping of legacy banking data, thereby expediting core migration processes.
The AI product suite from 10x Banking includes three solutions aimed at addressing industry challenges and harnessing the potential of AI in banking.
These include AI Migrate, which automates the legacy data mapping process to minimise risk and costs during migration.
10x Banking also launched AI Build, which utilises generative AI for product customisation, allowing banks to create and test innovative products rapidly without engineering hassles.
Lastly, AI View offers instant access to critical banking metrics, eliminating the need for manual reporting and reducing dependency on IT resources.
Financial institutions will be able to develop and launch new products in days instead of months and gain access to real-time insights without relying on outdated batch reporting from IT teams.
The platform is designed to support corporate banks with a core solution that can handle over 100,000 transactions per second and up to 2,000 transactions per individual customer account, outpacing traditional batch transaction speeds.
In November 2024, 10x Banking teamed up with Alloy to provide a comprehensive solution for customer onboarding, perpetual KYC and KYB monitoring, and credit decisioning for financial institutions.
"10x Banking adds new AI capabilities to core platform" was originally created and published by Retail Banker International, a GlobalData owned brand.
The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
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