XYB Partners With Google Cloud to Bring Generative AI to Coreless Banking Platform

Open Banking
26.09.2023 06:20 am

Today, XYB, a visionary provider of an end-to-end 'coreless' banking platform, is announcing a collaboration with Google Cloud to bring generative AI within its coreless banking platform. The partnership will empower banks, non-banks and fintech companies to expedite the creation of innovative and compliant financial products, while significantly streamlining the process.

XYB’s coreless banking platform eliminates the traditional barriers that impede rapid development in the financial industry. By leveraging generative AI, this partnership will bring forth a new era of efficiency, enabling financial institutions to build cutting-edge products and propositions with unprecedented speed and ease.

XYB is at the forefront of driving transformative change in the banking sector. By harnessing the power of artificial intelligence, it is set to revolutionise the way financial products are built. For instance, by offering the ability to personalise a product based on learning a customer’s spending habits. This will pave the way for enhanced customer experiences and greater industry-wide innovation.

XYB is focusing on several key business use cases, including:

1. Assisted Investigation: Banks’ operations teams spend considerable time investigating cases related to blocked payments or paused onboarding. With Google Cloud generative AI and access to the data related to these blocks, users can utilise a chat function on XYB’s back office to collect all the required data while concentrating on the actual investigation and accessing more data than they otherwise would.

2. Natural Language Risk Rules: One of the challenges faced by a bank’s risk management teams is learning and understanding the platform they use for risk management, along with framing the necessary risk management policies. This challenge is further amplified when systems change, requiring users to be retrained. XYB’s platform aims to address this issue by allowing 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 formulate new policies and test them in XYB’s sandbox before implementing them in production.

XYB’s visionary approach to coreless banking, in partnership with Google Cloud’s generative AI expertise, represents a significant milestone in the financial technology landscape. This partnership is poised to reshape the industry by empowering product owners to launch hyper-personalised products to their target customers without depending on the technology team or having a deep technical knowledge of core systems, enabling financial institutions to unlock their true potential and transform the future of finance.

Partnering with Google Cloud, the ‘coreless’ banking platform fills a gap in the market by enabling banks and non-banks to make new financial services solutions accessible in record time. XYB will use Google Cloud’s generative AI and machine learning tools, and its data security and compliance capabilities, to help customers accelerate the provision of banking products and services to the global marketplace.

Lastly, using Google Cloud’s generative AI tools will reduce operational cost by providing customers of the platform users a capability to find answers to common questions and solving complaints without the need for human intervention.

Atul Choudrie, CEO of XYB, commented: “Our focus remains on surpassing conventional limits and embracing innovation in the financial services industry. Through strategic integration of generative AI, and the continuous optimisation of our technology platforms, we enable banks and non-banks to access an unprecedented realm of advantages derived from the constant evolution of our ‘coreless’ banking technology. In partnership with Google Cloud, we will shape a future where financial services create an era of limitless possibilities.”

Jonas Kiiver, CTO of XYB, said: “At the core of our transformation lies an unwavering commitment to redefine the boundaries of banking. By harnessing the boundless potential of AI and leveraging our state-of-the-art platforms, we pave the way for traditional banks and emerging non-bank entities to break down the barriers to building banks.”

Rodrigo Rocha, Director, Global Partnerships at Google Cloud, added: “We're pleased that XYB will bring new Google Cloud-powered generative AI capabilities to its banking platform. XYB’s work with Google Cloud will have a positive impact for financial institutions looking to enhance customer experiences with generative AI.”