Banking software company Temenos has partnered with Canadian Western Bank (CWB) to deliver an AI-driven digital banking solution for SMEs.

The move is aimed to assist SMEs with financial decision-making and support business growth by delivering real-time insights.

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The new solution, dubbed Temenos Virtual COO, is built on its omnichannel digital banking product Temenos Infinity and uses Temenos Analytics and Explainable AI (XAI), API-first, cloud-native technology to deliver the insights.

The SME businesses can use XAI-driven modelling to simulate different business scenarios to determine the best course of action for their business.

The new solution will also aggregate financial banking and business data to provide a comprehensive overview of the business’ financial health.

With the partnership, CWB seeks to support SMEs in Canada with decision making and help them to help the business.

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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.

“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.”

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.

This comes after Temenos launched a new solution for banks to design and price new products called Temenos Enterprise Pricing.