Temenos Virtual COO is built on Temenos Infinity and leverages explainable AI (XAI), API-first, cloud-native technology


Temenos, CWB to support SMEs. (Credit: Free-Photos from Pixabay.)

Switzerland-based banking software company Temenos and Canadian Western Bank (CWB) have partnered to support small- and medium-sized enterprises (SMEs).

The partnership is based on a new solution, dubbed Temenos Virtual COO, which helps SMEs with financial decision-making and business growth.

Built on Temenos Infinity, an omnichannel digital banking product, the new Temenos Virtual COO leverages explainable AI (XAI), API-first, cloud-native technology.

The solution provides SMEs with relevant insights to help them grow, XAI-driven modelling to simulate various business scenarios, and aggregates financial banking and business data.

Temenos Virtual COO provides a consolidated view of the financial health of an SME in real-time and reduces the burden on business owners, said the Swiss company.

Temenos CEO Max Chuard said: “We are excited to bring this Innovation Proof of 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.

“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.”

Temenos has brought together SME owners, banks and technology partners in its two-day design sprint and hackathon for new ideas on solving the challenges faced by SMEs.

CWB has been a Temenos customer, which started with its business reorganisation in 2012, using Temenos Transact, a next-generation in core banking.

The bank has partnered with Temenos on a 12-week Innovation Proof of Concept for Virtual COO, following the Temenos SME Think Space event.

Temenos and CWB implemented feedback from local small business owners into the prototype and validated the results at the time of designing the solution.

Also, the parties deployed design thinking, agile methodologies, and lean start-up principles, to confirm that Virtual COO can deliver value to banks and their SME customers.

Canadian Western Bank 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.

“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.”