Dubai, United Arab Emirates
- LumYn is set to revolutionise the banking industry in the Middle East with a range of unique features that will significantly increase conversions and faster-targeted product launches
- Newgen to target Saudi Arabia and the UAE banking sector as part of the initial roll-out
Newgen Software, a leading global provider of low-code digital transformation platforms, has announced the launch of LumYn in the Middle East. This groundbreaking Gen AI-powered hyper-personalisation platform is designed specifically for the banking sector and is set to enhance profitability and significantly improve customer experiences for banks in the region and globally.
Addressing customer demand within the financial sector in the Middle East region for more personalised services and tailored solutions, LumYn combines predictive intelligence with advanced conversational AI capabilities. This enables banks to build a hyper-personalised understanding of each customer’s need, behaviour, preferences, and intent to drive deeper engagements while ensuring data privacy and security.
Virender Jeet, CEO of Newgen Software, said, “LumYn is not just a personalised AI platform; it is hyper-personalised, 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 platform’s key features include Conversational AI, which enables business users to seamlessly interact with customer data, including transactions, behaviours, and interactions, using natural language. This innovation facilitates insight generation, empowering businesses to develop effective growth strategies.
LumYn also offers customisable 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.
A key design feature of the platform is in strengthening customer relationships by creating behavioural segments based on spending habits and lifestyles. This approach enables businesses to launch targeted marketing campaigns that maximise 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 prioritise security and privacy, ensuring complete data transparency with visible modelling 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 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’s LumYn is set to redefine how banks interact with their customers, offering a powerful tool to stay competitive in an ever-evolving market.
