Banking software company Temenos has announced it will be partnering with Canadian Western Bank (CWB) with a new initiative to help support small and medium-sized enterprises (SMBs) with things like financial decisions and business growth, a press release said.
The solution is called Temenos Virtual COO and will encompass insights to growth and small businesses, with the release saying it will “put business owners in control” of their companies’ finances.
Small business owners will be able to simulate virtual scenarios which will let them make the best decisions for their business. The solution will aggregate financial business and banking data to give a real-time view of a company’s financial health, lightening the administrative burden to let owners spend more time on their companies.
Temenos Virtual COO, the release says, will allow businesses to deliver more tailored and focused experiences, helping to “provide an open banking ecosystem for a centralized, next-generation experience.”
Temenos CEO Max Chuard said the service “looks beyond what financial services banks offer to SMEs [small to medium-sized enterprises] 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,” he said, according to the release. “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.”
CWB President and CEO Chris Fowler said it was 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 also rolled out a new B2B lending platform for banks, which works to help companies put loans together faster, put together intricate business arrangements and deal transparently with negotiations.
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