Banking software company Temenos teamed up with Canadian Western Bank (CWB) to support SMEs with financial decision-making and scaling their businesses.
This new solution dubbed Temenos Virtual COO aims to provide SMEs with a virtual chief operating officer. Using the software will allow owners to simulate different scenarios enabling them to identify the best course of action for their business.
Its open banking-driven data aggregation with real-time insights will allow SME owners to take control of their business growth, enabling smarter funding, the firm said. Furthermore, the new solution will aggregate financial banking and business data to provide a consolidated view of an SME’s financial health so owners can focus on scaling their business.
Under the partnership, CWB will support SMEs in Canada to help bolster their business. CWB which has been a Temenos customer since 2012 with Temenos Data Lake and Temenos Infinity, aims to deliver a differentiated digital banking solution through Temenos Virtual COO, it said.
This new solution is built on Temenos Infinity, its omnichannel digital banking product and uses Temenos Analytics and Explainable AI (XAI), API-first and cloud-native technology.
Enabling financial institutions to empower SMEs with intelligent business banking is especially needed at a time when companies are grappling with the challenges of the pandemic.
Commenting on the importance of smarter banking solutions, CWB president and CEO Chris Fowler 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.
“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.”
Echoing a similar sentiment, Temenos CEO Max Chuard said, “With this collaboration on Temenos Virtual COO, CWB will take its digital offering to the next level, providing an innovative customer-centric solution tailored to the specific needs of SMEs.
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