Mumbai (Maharashtra) [India], May 29 : Newgen Software, a global provider of low-code digital transformation platforms, has announced the launch of LumYn, a Gen AI-powered hyper-personalization platform designed specifically for the banking sector.
A company release said that this innovative growth intelligence platform is set to enhance profitability and significantly improve customer experiences for banks worldwide.
"In the current financial landscape, customers demand personalized service and tailored solutions. LumYn addresses this need by combining predictive intelligence with advanced conversational AI capabilities, enabling banks to build a hyper-personalized understanding of each customer's need, behaviour, preferences and intent to drive deeper engagements, while ensuring data privacy and security," the release said.
The release said that key features of LumYn include Conversational AI, Rapid Development, Maximized Customer Lifetime Value, Accelerated Time-to-Market and Reliable and Secure AI.
The release said Conversational AI enables business users to interact with customer data (transactions, behaviour, and interactions) using natural language, facilitating seamless insight generation and growth strategy development.
"Rapid Development: Customizable AI models tackle unique business challenges, promoting growth. The low-code platform allows for quick iteration and refinement, ensuring rapid adaptability; Maximized Customer Lifetime Value: Strengthens customer relationships by creating behavioral segments based on spending habits and lifestyles, enabling targeted marketing campaigns," it said.
"Accelerated Time-to-Market: Leverages a comprehensive library of pre-built AI models, delivering faster insights and quicker deployment, enhancing cross-sell opportunities; Reliable and Secure AI: Ensures complete data transparency with visible modeling processes. Built on robust technologies that prioritize security and privacy, LumYn offers a trustworthy AI solution for banks," it added.
Virender Jeet, CEO of Newgen Software, said LumYn is not just a personalized AI platform.
"It's a hyper-personalized one, layered with Gen AI capabilities. This means that LumYn goes beyond traditional personalization by understanding and adapting to customers' evolving preferences, behaviors, and life stages in real-time," he said.
Rajan Nagina, Head of AI, Newgen Software, said the company is delighted to introduce LumYn to our portfolio.
"This platform's ability to derive actionable insights from customer behaviors 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."
The release said Newgen's LumYn is set to redefine how banks interact with their customers, offering a powerful tool to stay competitive in an ever-evolving market.
It said Newgen is the leading provider of a unified digital transformation platform with native process automation, content services, communication management, and AI/ML capabilities.
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