Temenos and Canadian Western Bank (CWB) have teamed up to develop an Explainable AI-driven (XAI) solution, Temenos Virtual COO. The aim is to accelerate banking innovation for SMEs. Temenos Virtual COO is based on input from 300 SME business owners to understand their challenges and needs. SMEs make up 95% of businesses in many countries, and yet they are consistently underserved by banks around the world.

Temenos Virtual COO: built on Temenos Infinity

Temenos Virtual COO is built on Temenos Infinity. It leverages Temenos Analytics and API-first, cloud-native technology. Temenos Virtual COO offers open banking-driven data aggregation with real-time insights for SME owners. That means they can take control of their business growth, ultimately enabling smarter funding. Temenos says the offering includes a Virtual Chief Operating Officer in the customer’s pocket. That is a digital advisor for smart decision-making. And so, it helps SMEs run their business, freeing up time and providing financial insights to help them grow.

Breaking the Boundaries of SME Banking

At TCF 2021, the session “Breaking the Boundaries of SME Banking”, includes Temenos, CWB, Deloitte, ChangeUp and Codat discussing how financial institutions can become trusted partners for SMEs.

Jeff Wright, Senior Vice President, Equipment, Digital & Client Solutions, Canadian Western Bank, comments: “We’re innovating with Temenos to not only create something special, but to evolve with SME owners along their growth journey. It’s about understanding the human behind the business. We’re actively incorporating SME feedback. This makes sure we’re creating an offering that addresses their unique challenges. It’s been so exciting to watch the journey evolve, seeing the excitement from SME owners, and creating a smarter business model for running a small business. We’re thrilled to be launching the beta in just a few months. And supporting the entrepreneurial dreams of up to 1.1 million SMEs in Canada.”

$5.3trn funding gap

Kam Chana, Product Innovation Director, Temenos, adds: “SMEs have the largest gap of any segment between customer expectations and the experience being delivered. Despite SMEs being the lifeblood of our economy, they have long been underserved. Based on the conversations we had with 300 SME owners, what they really lack is the time and the knowledge to grow.

“With a $5.2trn funding gap, the opportunity is enormous. If financial institutions leverage technology to deliver intelligent solutions to businesses. We are delighted to announce the availability of the Temenos Virtual COO solution globally. Financial institutions worldwide will be able to empower SMEs with intelligent business banking and drive growth with funding innovation.”

Kam Chana, Temenos, speaks with RBI editor Douglas Blakey