Newgen Software launches LumYn to transform banking AI

Newgen Software has unveiled LumYn, heralded as the world's first AI-powered hyper-personalisation platform aimed at revolutionising customer engagement in the banking sector. Introduced by the Sydney-based firm, LumYn is poised to significantly enhance profitability and improve customer experiences for banks globally.

The financial industry is under increasing pressure to provide personalised services and tailor solutions to individual needs. LumYn addresses this demand by integrating predictive intelligence with advanced conversational AI, fostering a hyper-personalised understanding of each customer's needs, behaviour, preferences, and intent, the company states. This approach is designed to drive deeper engagements while maintaining stringent data privacy and security measures.

Among the standout features of LumYn is its Conversational AI, which allows business users to interact with customer data through natural language. This capability aims to streamline the generation of insights and the development of growth strategies. The platform's rapid development trait is facilitated by customisable AI models that address specific business challenges, accelerating growth. The low-code platform enables quick iteration and refinement, ensuring banks can adapt swiftly to market changes.

In terms of customer relations, LumYn aims to maximise customer lifetime value by creating behavioural segments based on spending habits and lifestyles, thereby facilitating targeted marketing campaigns. The platform accelerates time-to-market by leveraging a comprehensive library of pre-built AI models, which aids in delivering faster insights and quicker deployment of services. This feature is expected to enhance cross-sell opportunities for banking institutions.

Security remains paramount; thus, LumYn guarantees full data transparency with clear modelling processes. Built on robust technologies, the platform prioritises security and privacy, presenting a reliable AI solution for the banking sector.

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 Software, expressed enthusiasm about adding LumYn to the company's offerings. He noted, "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."

Newgen Software is confident that LumYn will redefine how banks interact with their customers, providing a powerful tool to remain competitive in an ever-evolving market. As banking institutions continually seek to enhance customer experiences and operational efficiencies, LumYn represents a strategic advancement in leveraging AI for business success.