Temenos supports UK banks to accelerate loan applications

Wednesday 13 May 2020 14:32 CET | News

Temenos, a banking software company, has announced that its Temenos Infinity digital omnichannel product is supporting UK-based banks to accelerate loan applications under the government’s Bounce Back Loan Scheme.

According to the official press-release, it is aimed at helping small businesses with immediate funding, as well as the Coronavirus Business Interruption Loan Scheme (CBILS).

UK-based banks received around 100.000 requests for the Bounce Back loans on the first day of the scheme, and the requests are expected to reach EUR 3.7 billion in value. Given the scale of uptake for Bounce Back loans, banks need to create a simplified digital journey to cope with the influx of applications and help speed up funding for the businesses in need.

Temenos Infinity simplifies the application process for SMBs and processes any given value of applications. Businesses are enabled to save, sign, and complete their applications through the SaaS mobile and digital solution. It also helps lenders by offering the captured data, thus reducing the pressure on systems and call centres.

As part of its program for helping clients deal with the impact of COVID-19, Temenos has also launched a functionality for SMEs by automating decisioning options through its Explainable AI (XAI) platform to enable banks to explain in plain language to their customers and regulators how AI-based decisions are taken.

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Keywords: Temenos, UK, banks, Bounce Back Loans, COVID-19, coronavirus, banking, software, Temenos Infinity, digital, omnichannel, loans, Coronavirus Business Interruption Loan Scheme, CBILS, SMBs, SMEs, Explainable AI, XAI, AI
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech