Temenos Offers On-Site GenAI From Nvidia for Banks
Banking software provider Temenos says it has begun offering its “on-premises” generative artificial intelligence (AI) to banks.
The tool, built with Nvidia’s AI platform, is designed to help lenders glean real-time insights from their data while maintaining control of their information, Temenos said in a Tuesday (Nov. 19) news release.
“AI is reshaping financial services, letting banks reimagine customer interactions and optimize secure, scalable and efficient operations,” said Malcolm deMayo, Nvidia’s vice president of global financial services.
“With Temenos’s integration of Nvidia NIM microservices, banks can access real-time insights, identify areas for improvement, and deliver more personalized and responsive customer experiences.”
NIM, the release said, is part of Nvidia’s AI enterprise software platform. The solutions offered by the partnership, the companies argue, offer banks the flexibility to scale their AI capabilities and meet customer demands quickly.
Banks can provide “more personalized, customer-centered experiences by processing unstructured data efficiently and securely on site,” the release added.
The new offering comes as AI usage continues to increase within the financial world, according to PYMNTS Intelligence research.
But in spite of the increased usage of GenAI, many CFOs say they are seeing limited returns on investments (ROI). Just 13% of CFOs report “very positive” ROI, down from 27% in March. And 65% of CFOs pointed to limited ROI as a drawback to implementing AI at their firms.
“But even companies reporting limited ROI are determined to press forward with their AI investments, with 78% of CFOs planning to increase their GenAI budgets next year,” PYMNTS wrote recently. “This willingness to continue investing, despite mixed results, underscores CFOs’ long-term belief in the technology’s potential.”
Meanwhile, PYMNTS on Tuesday wrote about Nvidia’s growing footprint in the AI infrastructure space, and the rising concerns about the technology’s impact on the American power grid.
Allan Schurr, chief commercial officer at energy transition company Enchanted Rock, told PYMNTS that — contrary to popular belief — there’s no shortage of baseload power to support large AI-driven energy demands. The real issue is AI companies making sure they have flexible power during shortages.
“For example, most regions have about 25% additional capacity if the data center can self-supply from onsite power generation during the top 5% of the annual hours,” he said. “Since data centers typically install onsite backup generation, shifting to cleaner microgrids for this backup power can also allow them to achieve this 5% self-supply.”
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