Switzerland-based Temenos has launched a mortgage solution that incorporates a smart decision engine powered by Explainable AI. By leveraging the capabilities of artificial intelligence, this mortgage solution aims to help lenders deliver a personalised digital mortgage experience while minimising their costs and time to close.

The solution was designed to make use of automation and intuitive workflows to improve productivity and minimise delinquencies. In essence, it allows lenders to make fast, yet careful decisions based on the AI’s transparent and explainable affordability assessments. In the context of rising interest rates, faster close times can help clients meet real estate contracts or rate lock periods to secure a property or afford a mortgage.

Temenos Digital Mortgages works with banks of all sizes, as well as building societies and credit unions that are looking to improve their offering. According to ffnews.com, the product is also suitable for fintechs or challenger banks that are looking to foray into the mortgage market. The pre-integrated front-to-back solution incorporates pre-configured user journeys as well as out-of-the-box integrations for document generation and management, ID verification and analytics.

Components can also be deployed individually via APIs. Temenos officials cited by ffnews.com explained how this new solution can help lenders upgrade their mortgage capability, improve the digital experience and leverage explainable AI for fast, responsible lending decisions. In the context of a growing mortgage market, lenders can leverage Temenos Digital Mortgages to increase volumes sustainably while ensuring affordability and transparency.

What has Temenos been up to lately? In May 2023, Temenos partnered with Australia-based digital bank Alex Bank to help it launch Fixed Term Deposits. Following this partnership, the Term Deposits product became available on the Temenos Banking Cloud. The product launch follows a collaborative effort between the two companies to design, implement, and test the service.

By using the Temenos services and solutions, Alex Bank gained the ability to offer personal loans with applications that can be completed by customers in an easier and faster manner, Moreover, it can also offer its clients savings accounts. In the same month, Temenos worked with Pakistan-based digital bank UBL to help it digitise its banking services. Following this partnership, the process of digital transformation was applied to the bank’s retail products, small and medium-sized enterprises (SMEs), and corporate banking solutions for domestic and international clients, all taking place on the Temenos platform.

The Temenos Corporate Loan Origination service was implemented with NdcTech and was able to provide United Bank Limited with the necessary products and tools to meet the demands, preferences, and needs of its customers, in order to improve their overall experiences. .