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Temenos and Canadian Western Bank announce new banking product for SMEs

Temenos and Canadian Western Bank announce new banking product for SMEs

Banking & FinanceNorth AmericaSoftware

Temenos, a banking software company, has announced it is partnering with Canadian Western Bank (CWB) on a pioneering innovation to SMEs with financial decision-making and growing their businesses.

The new solution, Temenos Virtual COO, is built on Temenos Infinity, a leading omnichannel digital banking product, and leverages Temenos Analytics and Explainable AI (XAI), API-first, cloud-native technology.

Temenos Virtual COO will offer relevant insights to accelerate the growth of small businesses and put business owners in control of their companies’ financial destiny. SME owners will be able to simulate different business scenarios with XAI-driven modelling enabling them to identify the best course of action for their business.

The new solution will aggregate financial banking and business data to provide a consolidated real-time view of an SME’s financial health and lighten the administrative burden so that business owners can spend more time on their business.

Temenos Virtual COO will enable banks around the world to deliver tailored experiences that help SMEs navigate a complex and constantly changing landscape, and provide an open banking ecosystem for a centralised, next-generation experience. With this innovation, CWB will cement its position as a trusted advisor for SMEs in Canada and a pioneer in financial services.

CWB is known for the relationship-based client experience it offers Canadian business owners. The bank has been a Temenos customer since 2012 when it began its transformation with Temenos Transact, the next generation in core banking. CWB also selected Temenos to deliver personalised, end-to-end digital experiences with Temenos Data Lake and Temenos Infinity, forming a strategic relationship.

Temenos Virtual COO is the next phase of CWB’s ongoing commitment to deliver a differentiated digital banking experience that empowers SME owners.

Chris Fowler, President and CEO, Canadian Western Bank, said: “It’s important now, more than ever to offer innovative digital solutions that ease the challenges that business owners face as they look to grow and maintain a business, especially during a pandemic.

“Temenos has been a key strategic partner for us on our Digital Transformation journey, and we are impressed with their focus and investment in innovation. We are excited to partner with Temenos to bring to market a data and intelligence-driven solution that will offer real-time insights and a holistic view, empowering SMEs to grow.”

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