10x Banking rolls out suite of new AI features

Through this move, 10x Banking seeks to advance banking development, scale operational efficiency, and improve the decision-making process for banks. The newly added AI capabilities are set to be included in the company’s meta core banking platform, launched in July 2024 and focusing on solving the difficulties posed by legacy cores and avoiding the complexities of setting up neo cores.

The launch of the AI features follows research commissioned by 10x Banking, which surveyed 200 senior IT decision-makers in banking and financial services. The report revealed that approximately 32% of banks are leveraging AI at the core, while 41% cite AI integration with third-party platforms as their main challenge.

Integrating AI into banking

With 10x Banking’s new offering, financial institutions and banks are set to be able to utilise AI to accelerate their development, provide real-time customised products, and minimise costs. Additionally, the capabilities enable them to automate the mapping of legacy banking data to optimise core migration, create and roll out additional financial solutions to market, and access granular real-time insights.

Furthermore, the 10x Banking AI product offering will include three AI-powered services, centring on addressing industry challenges and delivering the potential capabilities of AI-driven banking. The suite contains AI Migrate, an AI-supported legacy data mapping which automates the migration process to decrease risk and reduce costs, AI Build, a GenAI-driven product customisation allowing banks to develop and test solutions, and AI View, which offers AI-powered data insights.

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