Newgen Launches the World’s First Gen AI-Powered Hyper-Personalization Platform for Banks in the Middle East
Newgen Software, a leading global provider of low-code digital transformation platforms, has announced the launch of LumYn in the Middle East. This Gen AI-powered hyper-personalization platform is designed specifically for the banking sector. It is set to enhance profitability and significantly improve customer experiences for regional and global banks.
Addressing customer demand within the financial sector in the Middle East region for more personalized services and tailored solutions, LumYn combines predictive intelligence with advanced conversational AI capabilities. This enables banks to build a hyper-personalized understanding of each customer’s need, behavior, preferences, and intent to drive deeper engagements while ensuring data privacy and security.
The platform's key features include Conversational AI, which enables business users to seamlessly interact with customer data, including transactions, behaviors, and interactions, using natural language. This innovation facilitates insight generation, empowering businesses to develop effective growth strategies.
Virender Jeet, CEO of Newgen Software, said, “LumYn is not just a personalized AI platform; it is hyper-personalized, 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.”LumYn also offers customizable AI models to address specific business challenges and promote growth. The platform's low-code capabilities allow for quick iteration and refinement, resulting in rapid adaptability to changing business needs.
In the image above: Virender Jeet, CEO of Newgen Software
A key design feature of the platform is in strengthening customer relationships by creating behavioral segments based on spending habits and lifestyles. This approach enables businesses to launch targeted marketing campaigns that maximize customer lifetime value and enhance overall engagement.
It also leverages a comprehensive library of pre-built AI models, delivering faster insights and quicker deployment. This acceleration enhances cross-sell opportunities and improves overall market responsiveness, helping businesses stay ahead of the competition.
Finally, LumYn is built on robust technologies that prioritize security and privacy, ensuring complete data transparency with visible modeling processes. This commitment to reliability and security makes LumYn a trustworthy AI solution for banks, providing data management and usage peace of mind.
Rajan Nagina, Head of AI, Newgen Software, added: "We are delighted to introduce LumYn to our portfolio. The 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."
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.
