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."
About Temenos
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