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Wednesday, July 24, 2024

Newgen introduces LumYn, the world’s first Gen AI platform for banking personalisation

Newgen Software launches LumYn, a Gen AI-powered platform for the banking industry, promising to transform customer interactions with hyper-personalisation.

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Newgen , a leader in digital transformation platforms, proudly unveils its latest innovation: LumYn. This new platform, powered by Generative AI, is designed to revolutionise the banking industry by enabling highly personalised customer interactions. With promises of doubling conversion rates and speeding up product launches by tenfold, LumYn aims to boost profitability and elevate customer experiences across the global banking sector.

A tailored approach to banking needs

In today's environment, customers expect services and solutions that are tailored specifically to their needs. LumYn meets these expectations by integrating predictive analytics with advanced conversational AI technologies. This combination allows banks to gain a nuanced understanding of each customer's requirements, behaviours, and preferences, thereby facilitating more profound and meaningful engagements while ensuring the utmost privacy and security of data.

Innovative features set to transform customer interactions

LumYn introduces several key features that are set to change how banks interact with their clientele:

  • Conversational AI: This feature allows bank staff to interact with customer data—including transactions, behaviours, and past interactions—through natural language. This capability makes it easier to derive insights and develop effective growth strategies.
  • Rapid Development: The platform's customisable AI models can be quickly adapted to meet specific business challenges, which promotes agility and growth. Its low-code environment further supports swift iterations and refinements.
  • Enhanced Customer Lifetime Value: By creating detailed behavioural segments based on customers' spending habits and lifestyle choices, LumYn enables banks to execute targeted marketing campaigns effectively.
  • Accelerated Time-to-Market: LumYn speeds up the insight generation and deployment process with its extensive library of pre-built AI models, thereby enhancing opportunities for cross-selling.
  • Reliable and Secure AI: With transparent data modelling processes and a foundation built on secure technologies, LumYn ensures reliability and security, making it a dependable choice for financial institutions.

Leadership insights

Virender Jeet, CEO of Newgen Software, commented on the launch, “LumYn is not just a personalised AI platform; it's a hyper-personalised one, layered with Gen AI capabilities. This means that LumYn goes beyond traditional personalisation by understanding and adapting to customers' evolving preferences, behaviours, and life stages in real-time.”

Rajan Nagina, Head of AI at Newgen, also expressed his enthusiasm, “We are delighted to introduce LumYn to our portfolio. This platform's ability to derive actionable insights from customer behaviours and preferences is a testament to Newgen's expertise in banking and cutting-edge AI/ML technology. LumYn will significantly deepen customer engagement and drive business growth.”

As banks continue to navigate an increasingly competitive landscape, LumYn offers a powerful tool to stay ahead, promising a new era of customer interaction that is as dynamic as the market itself.

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Nurin Sofia
Nurin Sofia
Nurin Sofia is a news editor at Tech Edition. Her interest is in technology and startups, occasionally crunching news for gaming. Sofia enjoys playing video games, going on bike rides, and gardening when she isn't behind a keyboard.

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