Explainable AI – which enables human analysts who aren’t data scientists to understand how artificial intelligence-based solutions reach their conclusions – is at the center of the prize that is Temenos’ acquisition of explainable AI innovator Logical Glue. Temenos announced today that it will integrate the Logical Glue XAI platform into its cloud-native, cloud-agnostic banking solution, and will be available with all Temenos products.
Many view Explainable AI as a critical component in making artificial intelligence work in heavily-regulated industries like banking and finance. Temenos CEO Max Chuard called the technology “a game changer” for customers, adding: “It will give them greater transparency and explainability of AI automated decisions and recommendations helping them harness AI technology to create seamless customer journeys and automate manual processes while meeting the growing regulatory demands.”
Logical Glue provides a purpose-built, Machine Learning as a Service platform that does the work of data scientists at speed and scale. The company’s technology, demonstrated live at FinovateEurope 2016, enables users to leverage raw data to build highly accurate predictive models, see how those models can be applied to real-world business challenges, and then apply those models to the new data in real-time.
“With our patented, cutting-edge XAI platform and our highly experienced machine learning experts, we are helping financial institutions harness the explosive power of XAI and helping them master AI decision-making,” said Logical Glue co-founder and Chief Science Officer Hani Hagras.
Founded in 2012, Logical Glue is headquartered in London, U.K. In May, Logical Glue announced a partnership with managing digital agent Azur to help the company improve its risk analysis. Two years ago, Logical Glue secured an investment from U.K. entrepreneur Tom Singh, founder of fashion retailer New Look. “Logical Glue provides a straightforward and accessible machine learning platform for lenders and insurance providers,” Singh said in a statement when the investment was announced. “(The technology delivers) faster and more accurate decisions that will underpin increased productivity and profitability.”
Temenos demonstrated its Connect Mobile Banking solution at FinovateEurope 2015. The company is also an alum of our developers conference, presenting its B2B Financial Apps Marketplace at FinDEVr Silicon Valley 2015. Based in Geneva, Switzerland and founded in 1993, Temenos notes that more than 3,000 firms around the world – including 41 of the top 50 banks – are daily users of its banking, payments, fund, and wealth management solutions.