Canadian Western Bank deploys new Temenos SME product
Canadian Western Bank (CWB) is partnering with Temenos on the development of a digital banking product for small and medium-sized enterprises (SMEs).
The new solution, Temenos Virtual COO, is built on the backbone of Temenos’ Infinity platform. It also uses Temenos’ Analytics and Explainable AI (XAI) solutions.
Temenos says the new system will offer relevant insights to “accelerate the growth of small businesses”.
The vendor claims SME owners can 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”.
Temenos says CWB will “cement its position as the trusted advisor for SMEs in Canada” through the new platform.
CWB partnered with Temenos on a 12-week innovation proof-of-concept for Virtual COO. The two firms prototyped the system with local small businesses prior to launch.
Deloitte Digital is onboard to help Temenos take Virtual COO to the wider market after the CWB deployment.
CWB has been a Temenos customer since 2012, when it began its transformation with Temenos T24 (now Transact).
The Canadian bank also selected Data Lake and Temenos Infinity, forming “a strategic relationship”.
The latest system selection is the next phase of CWB’s “ongoing commitment to deliver a differentiated digital banking experience”.
Chris Fowler, president and CEO at the bank, says it is more important than ever to offer innovative digital solutions.
“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.”
Max Chuard, Temenos CEO, says the firm is excited to bring a concept to life with CWB.
“Temenos Virtual COO looks beyond what financial services banks offer to SMEs today, to what they can offer tomorrow.
“Running innovation proof of concepts like this enables Temenos and clients like CWB to identify new opportunities to lead by example.”
Temenos claims to have more than 600 clients in the US and Canada. A recent Canadian deal for the vendor came in the form of a core banking project with EQ Bank in November 2019.