The latest tech news in wealth management across the world.
Switzerland-based banking software firm Temenos has launched Temenos Data Lake, an offering that plugs Big Data analytics into its banking software.
Explaining its offering, Temenos said that banks need Big Data and advanced analytics capability to compete with new competitors. At present, banks struggle to handle the data to make it usable for artificial intelligence applications.
The new service, Temenos said in a statement, enables banks to store and process all the data they need to power smarter applications from a single source and achieve higher performance for lower cost rather than building data "lakes" in-house.
Temenos Data Lake can be deployed as an enterprise data lake or as a point solution, sitting in Temenos' banking software products. Temenos Data Lake is available on premise and on cloud and is live at eight banks integrated with Temenos T24 Transact as well as third-party core banking solutions.