Newgen Software Unveils LumYn, a Gen AI-Powered Platform for Banks

On May 29, 2024, Newgen Software Technologies Limited announced the launch of LumYn, a groundbreaking Gen AI-powered hyper-personalisation platform designed particularly for the banking sector.

This innovative growth intelligence platform is set to enhance profitability and significantly enhance bank customer experiences worldwide.

The company stated that in the current financial landscape, customers expect personalised service and customised solutions. LumYn meets this demand by integrating predictive intelligence with advanced conversational AI capabilities. This allows banks to develop a hyper-personalized understanding of each customer’s needs, behaviours, preferences, and intents, fostering deeper engagement while ensuring data privacy and security.

Key Features of LumYn

• Conversational AI: This technology helps business users interact with customer data (transactions, behaviour, and interactions) using natural language, enabling seamless insight generation and growth strategy development.
• Rapid Development: Customisable AI models address unique business challenges, fostering growth. The low-code platform facilitates quick iteration and refinement, ensuring rapid adaptability.
• Maximised Customer Lifetime Value: Enhances customer relationships by creating behavioural segments based on lifestyle and spending habits, enabling targeted marketing campaigns.
• Accelerated Time-to-Market: Utilizes a comprehensive library of pre-built AI models, providing faster insights and quicker deployment, thereby boosting cross-sell opportunities.
• Reliable and Secure AI: Ensures complete data transparency with clear modelling processes. Built on robust technologies prioritising security and privacy, LumYn offers a trustworthy AI solution for banks.

The company added that LumYn is set to redefine how banks interact with their customers, providing a powerful tool to stay competitive in an ever-evolving market.

Speaking on the launch, the CEO of Newgen Software, Virender Jeet, said, “LumYn is not just a

personalised AI platform; it’s a 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.”

The Head of AI at Newgen Software, Rajan Nagina, added, “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.”

On May 29, 2024, the share price of Newgen Software Technologies Ltd opened at ₹870.30, touching the day’s low at ₹864.15, as of 2:21 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.