CWB first in Canada to leverage Temenos Data Lake with Explainable AI capabilities to offer a differentiated digital experience for small- to medium-sized business owners
EDMONTON, Dec. 5, 2019 /CNW/ - CWB Financial Group (TSX:CWB) takes another step forward as a disruptive force in Canadian financial services today with the selection of Temenos (SIX:TEMN), the leader in banking software, to deliver a seamless end-to-end digital banking experience for small- to medium-sized business owners. CWB will be the first bank in Canada to offer a differentiated digital banking experience powered by Temenos Data Lake with Explainable AI (XAI) capabilities. The combination of Temenos Data Lake and industry-leading, cloud-native, cloud-agnostic Temenos Infinity, also selected by CWB, will give the bank's core business-owner clients an intuitive world-class digital experience. CWB's clients will also benefit from valuable, transparent and fully-informed insights into their financial activities gleaned from AI automated decisions.
Temenos Infinity will revolutionize CWB's digital experience by enabling:
- A fully integrated, highly personalized banking experience tailored to benefit its small business, mid-market commercial and personal banking segments
- Accelerated innovation timelines, starting with an improved account opening experience followed with a small business banking platform in fiscal 2021
- Customized insights powered by big data and AI, along with integrated tools, that will help clients more effectively manage their cash flow and other financial decisions
- Increased access to CWB's highly-competitive suite of online deposit and cash management products from anywhere, anytime
"Deepening our partnership with Temenos to implement their industry-leading Temenos Infinity product is the next step in CWB's digital transformation," said Chris Fowler, President and CEO, CWB Financial Group. "Our digital journey started in 2016 when we became the first Canadian Schedule I bank to run on Temenos core banking, and we've since derived significant value from both the core banking platform and the Temenos team's international banking expertise. We remain fully committed to deliver the responsive, relationship-based client experience we're known for both in-branch and online. This breakthrough financial technology represents a critical step forward to meet the rapidly changing needs of our clients through a full range of channels, and we're excited to hit the ground running with work commencing on our digital onboarding solution effective immediately."
"We are delighted to extend our partnership with CWB, who we view as a key strategic partner in the Canadian and commercial banking markets, and look forward to continuing to innovate together," said Max Chuard, CEO, Temenos. "The powerful combination of Temenos Infinity, Temenos T24 Transact and Temenos Data Lake positions CWB to gain leading customer acquisition capabilities, deep insights into their clients and unprecedented speed and agility. CWB will also benefit from our global experience and our relentless investment in innovation, as we continue to inject more than 20% of our total revenues in R&D. CWB will gain true competitive edge and the capability to provide fully differentiated services across the Canadian SME market, ultimately strengthening its unique market position in Canada."
Temenos AG (SIX: TEMN), headquartered in Geneva, is the world's leader in banking software, partnering with banks and other financial institutions to transform their businesses and stay ahead of a changing marketplace. Over 3,000 banks across the globe, including 41 of the top 50 banks, rely on Temenos to process both the daily transactions and client interactions of more than 500 million banking customers. Temenos offers cloud-native, cloud-agnostic front office and core banking, payments, fund management and wealth management software products enabling banks to deliver consistent, frictionless customer journeys and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve industry-leading cost-income ratios of 25.2% and returns on equity of 25.0%, 2X better than the industry average. These clients also invest over 53% of their IT budget on growth and innovation versus maintenance, which is 2.5X the industry average, proving the banks' IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com.
About CWB Financial Group
CWB Financial Group is a diversified financial services organization providing proactive business and personal banking, trust and wealth management across Canada. Headquartered in Edmonton, Alberta, we've offered customized financial solutions for over 35 years and operate with a clear focus on meeting the unique financial needs of business owners. We're obsessed with providing the right banking, lending and investment solutions for our clients – by asking the right questions, sharing our industry and financial services expertise, and genuinely believing that great relationships get results.
As a public company on the Toronto Stock Exchange (TSX), CWB trades under the symbols "CWB" (common shares), "CWB.PR.B" (Series 5 Preferred Shares), "CWB.PR.C" (Series 7 Preferred Shares) and "CWB.PR.D" (Series 9 Preferred Shares).
Learn more at www.cwb.com.
SOURCE CWB Financial Group
For further information: Media Contacts: Jessica Wolfe & Grace Collins, Temenos Global Public Relations, Tel: +1 610 232 2793 & + 44 20 7423 3969, Email: [email protected]; Matt Evans & Chris Williams, CWB Financial Group, Tel: +1 780 969 8337, Email: [email protected]; Alistair Kellie & Andrew Adie, Newgate Communications on behalf of Temenos, Tel: +44 20 7680 6550, Email: [email protected]