Temenos, a banking software company, has partnered with Canadian Western Bank to launch the Virtual COO tool, which utilizes analytics and API cloud-based technology to deliver banking-driven data aggregation for small and medium size business owners. The solution acts as a virtual advisor to provide financial insights to business owners, according to a press release.
"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 make sure we're creating an offering that addresses their unique challenges," Jeff Wright, SVP, equipment, digital and client solutions, Canadian Western Bank, said in the release. "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."
Temenos built this solution to address an issue with SME and banking relationships, since many SMEs see banks as a hindrance rather than an aid to growth.
"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," Kam Chana, product innovation director, Temenos, said in the release. "Based on the conversations we had with 300 SME owners, what they really lack is the time and the knowledge to grow. With a $5.2 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."
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