Temenos has announced the passing of George Koukis, the company’s founder who established Temenos on 16 November 1993. The fintech company has gone on to become one of the top private and retail banking software developers globally.
George Koukis had been active in the software industry for more than 40 years, and was Chairman of the Board of Directors of Temenos until July 2011.
Temenos born out of GLOBUS acquisition
Having acquired the rights to GLOBUS, the successful banking software platform developed by a team of technical and banking experts in 1988, George Koukis and co-founder Kim Goodall rebranded the company to Temenos. Temenos went public in 2001 and is listed on the main segment of the SWX Swiss Exchange. In the same year, Temenos also acquired a mainframe core banking application which was originally developed by IBM and aimed at high-end retail banks which now marketed as Temenos Core Banking.
Temenos launched its T24 banking package in September 2003 after three years of development and in 2021 the company launched its collaborative fintech marketplace, Temenos Exchange.
Today, Temenos’ business operations span globally across the Middle East, Africa, Asia-Pacific, Europe, North America and Latin America and partners with some of the biggest banks, fintechs, payment providers and more in the world.
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Temenos launched Responsible Generative AI solutions
Temenos continues to innovate and enhance its capabilities. As part of its AI-infused banking platform, Temenos recently launched Responsible Generative AI solutions, which integrate with Temenos Core and Financial Crime Mitigation (FCM).
The aim is to improve the way banks interact with their data, boosting productivity and profitability to realize substantial return on investment.
After investing extensively in R&D to support its AI initiatives, Temenos first developed its patented Explainable AI (XAI) solutions and now has come up with Generative AI for banking, which generates unique insights and reports, and can be applied in customer and middle office operations or product development.
The new solutions help banks augment the power of their users and their expertise with the insights drawn from Explainable and Generative AI. They can be deployed as standalone for banks, connecting with their existing core systems with minimal integration.
The firm explained that, in core banking operations, Temenos Generative AI enhances user workflows, journeys, and day-to-day queries, enabling banks to revolutionize productivity in product creation and account management. In regard to Financial Crime Mitigation, Temenos Generative AI empowers business users to extract intelligence from data using free text. For example, it can inform where tuning can be applied to improve Straight Through Processing (STP).
