TEMENOS
Temenos (SIX: TEMN), the banking software company, today announced that it is partnering with Canadian Western Bank (CWB) on a pioneering innovation to support small- and medium-sized enterprises (SMEs) with financial decision-making and growing their businesses. The new solution, Temenos Virtual COO, is built on Temenos Infinity, the leading omnichannel digital banking product, and leverages Temenos Analytics and Explainable AI (XAI), API-first, cloud-native technology.
Temenos Virtual COO will offer relevant insights to accelerate the growth of small businesses and put business owners in control of their companies’ financial destiny. SME owners will be able to simulate different business scenarios with XAI-driven modeling enabling them to identify the best course of action for their business. The new solution will aggregate financial banking and business data to provide a consolidated real-time view of an SME’s financial health, and lighten the administrative burden so that business owners can spend more time on their business. Temenos Virtual COO will enable banks around the world to deliver tailored experiences that help SMEs navigate a complex and constantly changing landscape, and provide an open banking ecosystem for a centralized, next-generation experience. With this innovation, CWB will cement its position as the trusted advisor for SMEs in Canada, and a pioneer in financial services.
Temenos Virtual COO emerged from Temenos SME Think Space, an open innovation event of changemakers from across the industry. Temenos brought together SME owners, banks and technology partners in a two-day design sprint and hackathon to generate new ideas on how to solve the biggest challenges for SMEs. During that event, the delegates identified needs that aren’t currently being fulfilled by financial institutions – a heavy administrative burden and a lack of meaningful insight to support growth. This feedback became the driving force behind the collaboration between Temenos and CWB on Temenos Virtual COO.
Following the Temenos SME Think Space event, CWB partnered with Temenos on a 12-week Innovation Proof of Concept for Virtual COO. As part of the design process, Temenos and CWB applied feedback from local small business owners into the prototype, and then validated the results. By applying Design Thinking, agile methodologies, and Lean Startup principles, Temenos and CWB confirmed the potential for Virtual COO to deliver business value to banks and their SME customers. Deloitte Digital will collaborate with Temenos to take Virtual COO to market.
CWB is known for the relationship-based client experience it offers Canadian business owners. The bank has been a Temenos customer since 2012 when it began its transformation with Temenos Transact, the next generation in core banking. CWB also selected Temenos to deliver personalized, end-to-end digital experiences with Temenos Data Lake and Temenos Infinity, forming a strategic relationship. Temenos Virtual COO is the next phase of CWB’s ongoing commitment to deliver a differentiated digital banking experience that empowers SME owners.
Chris Fowler, President and CEO, Canadian Western Bank, commented: “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.”
Max Chuard, CEO, Temenos, said: “We are excited to bring this Innovation Proof of Concept to life with CWB. Temenos Virtual COO looks beyond what financial services banks offer to SMEs today, to what they can offer tomorrow. Running Innovation Proof of Concepts like this enables Temenos and clients like CWB to identify new opportunities to lead by example. 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. We are excited to work with CWB on this initiative, and inspire banks around the world to support their local communities and economies in new and exciting ways.”
– Ends –
About Temenos
Temenos AG (SIX: TEMN) is the world’s leader in banking software. 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 1.2 billion banking customers. Temenos offers cloud-native, cloud-agnostic and AI-driven front office, core banking, payments and fund administration software enabling banks to deliver frictionless, omnichannel customer experiences and gain operational excellence.
Temenos software is proven to enable its top-performing clients to achieve cost-income ratios of 26.8% half the industry average and returns on equity of 29%, three times the industry average. These clients also invest 51% of their IT budget on growth and innovation versus maintenance, which is double the industry average, proving the banks’ IT investment is adding tangible value to their business.
For more information, please visit www.temenos.com .
View source version on businesswire.com: https://www.businesswire.com/news/home/20210304005471/en/
Link:
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Andersen Consulting udvider sine kapaciteter inden for digital transformation5.12.2025 16:53:00 CET | Pressemeddelelse
Andersen Consulting indgår en samarbejdsaftale med Neit Consulting, et firma med fokus på at skabe mere effektiv drift, integrere intelligente teknologier og accelerere den digitale modenhed for kunder. Neit Consulting er et konsulentfirma med base i Tjekkiet og mere end 20 års erfaring med at levere ISO-certificerede it- og forretningsrådgivningsydelser inden for dataanalyse, performance management og procesoptimering. Med mere end 200 konsulenter hjælper firmaet kunder – herunder globale banker, forsikringsselskaber, produktionsvirksomheder og offentlige instanser –gennem virksomhedsrådgivning, implementering af it-systemer og langsigtet systemsupport. Neit Consulting betjener kunder internationalt med fokus på at afstemme digital kapacitet med komplekse driftsmæssige behov. "Dette samarbejde afspejler et markant fremskridt i omfanget af de ydelser, vi tilbyder vores kunder," udtaler Tomáš Niederle, salgsdirektør for Neit Consulting. "Andersens globale rækkevidde og tværfaglige tilga
Fitch Learning Completes Acquisition of Moody’s Analytics Learning Solutions and the Canadian Securities Institute5.12.2025 16:48:00 CET | Press release
Combined entity to accelerate financial services skills development and drive measurable business outcomes across 148 countries Fitch Learning, the global leader in financial learning and professional certifications, today announced the completion of its acquisition of Moody’s Analytics Learning Solutions (MALS) and the Canadian Securities Institute (CSI). MALS is a global provider of credit and digital learning, and CSI is a leading provider of certifications for the Canadian financial services industry. Fitch Learning, recognized globally as the premier financial education provider, delivers specialized training for the financial services industry through accredited qualifications, flexible corporate solutions programs, managed services and digital learning solutions trusted by leading institutions worldwide. The combined business will serve over 92,000 finance professionals across 148 countries, at every stage of their careers. “This acquisition is about creating more opportunities
Arthur D. Little and Vega IT Unveil Joint Venture for Digital Innovation5.12.2025 16:00:00 CET | Press release
Arthur D. Little (ADL) and Vega IT today announced the formation of Axceler8 Solutions, a 50/50 joint venture created to design, develop, and operate a portfolio of digital and AI solutions aimed at improving efficiency and automating complex business processes. The launch of this new company is the direct outcome of a year of successful collaboration between the two firms and marks a new phase in their shared ambition to bring scalable, high-performance digital solutions to market, aiming to further augment their clients’ capacity to compress time to impact in a variety of domains. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251205465303/en/ Arthur D. Little and Vega IT have announced the formation of Axceler8 Solutions, a 50/50 joint venture created to design, develop, and operate a portfolio of digital and AI solutions. Axceler8 Solutions’ first product, Axceler8 Rx, is now live as a newly developed platform, and is a
Lone Star Announces Sale of SPX FLOW to ITT Inc.5.12.2025 13:30:00 CET | Press release
Lone Star Funds (“Lone Star”) today announced the signing by an affiliate of Lone Star Fund XI, LP of a definitive agreement to sell SPX FLOW, Inc. (“SPX FLOW”), a leading provider of highly engineered equipment and process technologies for attractive end markets including industrial, health and nutrition, to ITT Inc. (NYSE: ITT) for $4.775 billion in cash and shares of common stock. Based in Charlotte, N.C., SPX FLOW focuses on process technologies delivering mixing, blending, fluid handling, separation, thermal heat transfer and other solutions integral to industrial, health and nutrition markets. The company has operations in more than 25 countries and sales in more than 140 countries. In partnership with Lone Star, SPX FLOW has focused on improving its sales execution and operating platform, while ensuring high quality and innovative product development. The management team has improved the company’s commercial organization and executed growth initiatives to build its presence in e
AmTrust Financial Services and Blackstone Credit & Insurance Close Strategic Transaction and Launch Newly Formed Multinational MGACompany Named ANV Group Holdings Ltd.5.12.2025 13:00:00 CET | Press release
Strategic Transaction Unlocks Value for AmTrust and Positions ANV Group Holdings for Accelerated GrowthFormer AmTrust President Adam Karkowsky Leading ANV Group Holdings as Chairman and CEO AmTrust Financial Services, Inc. (“AmTrust” or the “Company”), a global specialty property casualty insurer, and Blackstone Credit & Insurance (“BXCI”), today announced the closing of a strategic transaction under which AmTrust and funds managed by BXCI have partnered to spin-off certain of AmTrust’s Managing General Agencies (“MGAs”) and fee-based businesses in the U.S., United Kingdom, and Continental Europe, into ANV Group Holdings Ltd. (“ANV”), a newly formed independent company, following receipt of regulatory approvals. AmTrust and ANV have entered into a ten-year capacity agreement through which AmTrust will remain the underwriter for the existing books of business offered through the MGAs. As previously announced on September 15, 2025, the agreement includes seven AmTrust subsidiaries: ANV S
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom