Coreless banking platform provider XYB , a subsidiary of fintech Monese, has announced a partnership with Google Cloud to bring generative AI to its platform. The collaboration seeks to enable banks, non-banks, and fintech companies to expedite the creation of innovative and compliant financial products, while significantly simplifying the process.

Generative AI and XYB – Google Cloud partnership details Per the press release information, XYB’s coreless banking platform eliminates the traditional barriers that impede rapid development within the financial industry. By leveraging generative AI, the XYB – Google Cloud partnership aims to bring forth a new era of efficiency, enabling financial institutions to build advanced products and propositions with increased speed and ease. XYB looks to be at the forefront of furthering transformative change in the banking sector, and by harnessing the power of artificial intelligence, it is set to help change how financial products are built.

Such an instance would be providing the ability to personalise a product based on learning a customer’s spending habits. This is believed to pave the way for enhanced customer experiences and greater industry-wide innovation.  Key business use cases that XYB is focusing on include: Assisted Investigation. Banks’ operations teams spend considerable time investigating cases related to blocked payments or paused onboarding.

With Google Cloud’s generative AI and access to data related to said blocks, users are enabled to leverage a chat function on XYB’s back office to collect all the needed data while focusing on the actual investigation and accessing more data than they would otherwise. Natural Language Risk Rules. A challenge faced by a bank’s risk management team is learning and understanding the platform they use for risk management, along with framing the necessary risk management policies. When systems change, the challenge is amplified, requiring users to be retained.

XYB’s platform looks to address this by enabling risk users to comprehend existing risk policies and create new ones using natural language. The power of these tools, combined with oversight from the bank’s risk management teams, enables risk teams to focus on framing and updating policies without being concerned about system changes. By employing natural language, risk teams can set out new policies and test them in XYB’s sandbox prior to their implementation in production.

XYB’s approach to coreless banking in collaboration with Google Cloud’s generative AI expertise is believed to mark a milestone within the financial tech landscape. The partnership is poised to help reshape the industry by enabling product owners to launch hyper-personalised products to their target customers without being dependent on the tech team or having a deep tech knowledge of core systems, allowing FIs to unlock their potential and transform the future of finance. By collaborating with Google Cloud, the coreless banking platform addresses a market gap, helping banks and non-banks to make new financial services solutions accessible in an expedited manner.

XYB is set to use Google Cloud’s generative AI and machine learning tools, together with its data security and compliance capabilities, to assist customers with accelerating the provision of banking products and services to the global marketplace. Additionally, leveraging Google Cloud’s generative AI tools will decrease operational costs by offering the platform’s customers the capability to find answers to common questions and solve complaints with no need for human intervention. .