CWB Financial Group partners with Temenos to deliver personalized, world-class digital experience for business owners

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

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.”