Lewis Ide, Vice-President at 10x Banking, sat down with Benjamin Ensor, Director of Research and Strategy at 11:FS to discuss his views on how AI is impacting banks in 2025. Below we've summarized the key takeaways.
We're seeing the impact of AI in 3 distinct areas in terms of how we work with our clients.
Customer experience
One is the customer experience layer: the bank’s app for example, how is the bank using AI from an outward facing point of view to their customers?
We have an amazing demo from one of our customers recently in terms of what they've built that will be launched hopefully next year. Unfortunately, I can't talk about it in detail right now, but it was exciting in terms of how recommendation engines are helping customers to gain greater credit levels and credit history. So, there are some exciting things happening at the front end from a customer facing standpoint.
Code generation
From a 10x perspective, we’re starting to see AI’s impact on the back-office side. And for me that involves code development, utilizing 10x’s Hooks feature. This enables clients to build out the precise product behavior that meets their specific needs, by adding their own code, to our platform. It allows them to customize and deploy products in any programming language, framework, or operating system.
We’ve made the 10x Banking Platform extendable to give clients more control over their products and how they’re built without having to change the way they code already. And by leveraging AI, the code generation can be sped up. We're starting to see a lot of applications in that space.
Data migration
The other exciting example of AI we see is around migration. So, when you think about migrations in terms of extracting the data from an old system, transforming it and then loading it into the 10x Banking platform, we see AI having a really good use case around that cleansing of data. We ran a proof of concept recently with DLT Apps in terms of data migration, the whole end to end process.
The interesting thing there is it will reduce the cost of those migration activities, which then starts to unlock the capability of change. Not just for the large banks, but for the building societies for the smaller banks, which is going to allow them to compete on that level as well.
Learn more about how the 10x Banking platform and meta core technology can help you towards transformation.
