Revolutionizing Legacy Core Systems: 10x Banking Launches Innovative AI Suite
10x Banking, a prominent FinTech company in the UK, has unveiled an innovative suite of AI-powered tools aimed at revolutionizing core banking operations. This new offering enhances the existing capabilities of their flagship platform, the 10x meta core, enabling banks to streamline their operations, improve customer experiences, and foster innovation at scale.
Addressing Legacy Banking Challenges
The introduction of these AI tools is a response to the inefficiencies and complexities posed by traditional core banking systems. According to research conducted by 10x Banking, only 32% of banks have incorporated AI into their core operations. Furthermore, a significant 41% of surveyed banks identified integration difficulties with third-party platforms as the primary obstacle to AI adoption, highlighting the urgent need for scalable AI solutions.
The 10x Meta Core Platform
10x Banking’s cloud-native meta core platform is designed to overcome the limitations of traditional banking systems and the scalability challenges faced by newer “neo” core platforms. It offers:
- Secure and scalable infrastructure for real-time operations
- A de-risked approach to complete digital transformation
Introducing the AI Product Suite
The newly launched AI suite features three advanced tools tailored to help banks tackle common challenges:
- AI Migrate: Automates legacy data mapping processes, minimizing risk and cost while expediting migration.
- AI Build: Utilizes Generative AI to facilitate rapid product development and testing, removing delays typically caused by engineering bottlenecks.
- AI View: Provides immediate access to real-time banking insights without relying on manual reporting or IT resources.
Benefits of AI Integration
With these AI enhancements, banks can now:
- Launch personalized financial products in days instead of months
- Access granular, real-time data to improve decision-making
- Achieve transaction speeds exceeding 100,000 transactions per second, approximately 80 times faster than traditional batch processing
Unlocking the Potential of AI in Banking
The introduction of these AI tools signifies a groundbreaking advancement in integrating AI into core banking systems. Financial institutions can now effectively deploy AI at the core of their operations, allowing them to reduce costs, accelerate innovation, and enhance customer service.
Antony Jenkins, Founder and CEO of 10x Banking, emphasized, “To fully leverage the benefits of AI, real-time data at scale is essential. The 10x meta core excels in delivering these insights, combined with a suite of AI capabilities that integrate seamlessly with existing bank systems.”
He further noted, “Legacy platforms hinder innovation and decision-making. Transitioning to modern cloud-native cores has traditionally been costly and complex. We established 10x to create better banks, focusing on customer-centric solutions. Currently, only 32% of banks have effectively harnessed real-time data and AI. Our new capabilities empower banks to operate at the speed of AI, significantly enhancing customer service.”
For more information about 10x Banking and their innovative solutions, visit their official website at 10x Banking.
To explore more about AI in banking, check out this Forbes article.
