intelligent

make 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 to support the entrepreneurial dreams of up to 1.1 million SMEs in Canada .”

MEs make up 95 % of businesses in many countries , and yet they are consistently underserved by banks around the world . Temenos and Canadian Western Bank ( CWB ) have innovated together to develop an Explainable AI-driven ( XAI ) solution , Temenos Virtual COO . Following TCF Online 2021 , Temenos , a banking software company , announced that it has launched Temenos Virtual COO globally .

Temenos Virtual COO is built on Temenos Infinity , the leading digital banking platform and 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 to take control of their business growth , ultimately enabling smarter funding . Temenos provides a Virtual Chief Operating Officer in your pocket – a digital advisor for smart decision making – helping SMEs run their business , freeing up time and providing financial insights to help them grow .

Often SMEs see banks as a barrier to growth rather than a trusted partner ,

WE ’ RE

INNOVATING WITH TEMENOS TO NOT ONLY CREATE SOMETHING SPECIAL , BUT TO EVOLVE WITH SME OWNERS ALONG THEIR GROWTH JOURNEY .

experiencing a US $ 5.2 trillion funding gap worldwide . And yet , according to a new report by the Financial Brand , only 62 % of financial institutions feel that they have been successful in innovating in the SME space , a sector that generates US $ 850 billion in banking revenue .

Jeff Wright , Senior Vice President , Equipment , Digital and Client Solutions , Canadian Western Bank , said : “ 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 to

John Wang , Partner , Deloitte Digital , added : “ So often , we tend to start with technology , and it becomes a solution looking for a problem , rather than the other way around . To avoid that , we approached this idea by starting with what the user wants ( i . e ., desirability ) before looking at viability and feasibility . In the end , you want all three . The bank of the future is going to be assembled , not built – and will be created through an ecosystem and a team of people with diverse perspectives that are passionate about creating exceptional products .”

Kam Chana , Product Innovation Director , Temenos , said : “ 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 US $ 5.2 trillion 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 . With Temenos Virtual COO , financial institutions worldwide will be able to empower SMEs with intelligent business banking and drive growth with funding innovation .” �