Business Wire

CWB Financial Group Partners With Temenos to Deliver Personalized, World-class Digital Experience for Business Owners

Share

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.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191205005430/en/

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.”

-end-

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.

Contact information

Media Contacts
Jessica Wolfe & Grace Collins
Temenos Global Public Relations
Tel: +1 610 232 2793 & + 44 20 7423 3969
Email: press@temenos.com

Alistair Kellie & Andrew Adie
Newgate Communications on behalf of Temenos
Tel: +44 20 7680 6550
Email: allnewgatetemenos@newgatecomms.com

Matt Evans & Chris Williams
CWB Financial Group
Tel: +1 780 969 8337
Email: communications@cwbank.com

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

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

Zayed Sustainability Prize Opens Submissions for 2021 Edition27.1.2020 16:23:00 EETPress release

Following the recent celebration of the 10 winners of the 2020 awards during Abu Dhabi Sustainability Week, the Zayed Sustainability Prize has officially announced that its submissions process for the 2021 edition is now open. Accepting entries from today until May 21st, 2020, via its online portal, the UAE’s pioneering global award for rewarding impact, innovation, and inspiration – across five sustainability categories – saw a record-breaking number of submissions last year, with 2,373 entries received from 129 countries. H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of State and Director General of the Zayed Sustainability Prize, said: “With a 12-year record of recognizing and rewarding excellent solutions, we are confident the Prize will continue to attract more of the world’s most dedicated innovators to submit their entries, in support of resolving the world’s most pressing sustainability challenges. “Inspired by Sheikh Zayed’s legacy of commitment to global sustainability and hum

Vision-MR Ablation Catheter Receives CE Mark27.1.2020 16:00:00 EETPress release

Imricor Medical Systems, Inc. (ASX:IMR) today announces that it has received CE mark approval for its Vision-MR Ablation Catheter and Vision-MR Dispersive Electrode. This follows earlier CE mark approval for Imricor to place its Advantage-MR EP Recorder/Stimulator System on the market in Europe. Imricor is the first and only company to offer cardiac ablation devices for use in the MRI environment. Imricor Chairman and CEO, Steve Wedan said, “We are absolutely thrilled to bring to market our products for performing cardiac catheter ablations guided by real-time MRI. “Receipt of CE mark approval marks a major accomplishment for the Imricor team, as we pursue our mission to improve the lives of people worldwide by delivering devices that enable iCMR procedures.” The Vision-MR Ablation Catheter is the Company’s prime product offering, specifically designed to work under real-time MRI guidance, with the intent of enabling higher success rates along with a faster and safer treatment compared

Iguazio Raises $24M to Accelerate Growth and Global Penetration of its Data Science Platform27.1.2020 15:00:00 EETPress release

Iguazio, the data science platform for real time machine learning applications, today announced that it has raised $24M of funding. The round was led by INCapital Ventures, with participation from existing and new investors, including Pitango, Verizon Ventures, Magma Venture Partners, Samsung SDS, Kensington Capital Partners, Plaza Ventures and Silverton Capital Ventures. The funds will be used by Iguazio to accelerate its growth and expand the reach of its data science platform to new global markets. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200127005301/en/ Iguazio co-founders Yaron Segev (left), Yaron Haviv, and Asaf Somekh. Photo: Yanai Yechiel The demand for AI applications is on the rise. According to Gartner, AI augmentation alone will create $2.9 trillion of business value in 2021. However, there are still many challenges in deploying AI solutions in an effective and scalable way. An estimated 87% of data scienc

Iguazio Deployed by Payoneer to Prevent Fraud with Real-time Machine Learning27.1.2020 15:00:00 EETPress release

Iguazio, the data science platform for real time machine learning applications, today announced that Payoneer, the digital payment platform empowering businesses around the world to grow globally, has selected Iguazio’s platform to provide its 4 million customers with a safer payment experience. By deploying Iguazio, Payoneer moved from a reactive fraud detection method to proactive prevention with real-time machine learning and predictive analytics. Payoneer overcomes the challenge of detecting fraud within complex networks with sophisticated algorithms tracking multiple parameters, including account creation times and name changes. However, prior to using Iguazio, fraud was detected retroactively, enabling customers to only block users after damage had already been done. Payoneer is now able to take the same sophisticated machine learning models built offline and serve them in real-time against fresh data. This ensures immediate prevention of fraud and money laundering with predictiv

Oasis Smart SIM Achieves Certification of HELIOS eUICC in Accordance With GSMA M2M Specifications27.1.2020 14:48:00 EETPress release

Oasis’ newly certified HELIOS eUICC Operating System can be used in any type of mobile device, whilst guaranteeing total security and interoperability with the rest of the eSIM ecosystem. This certification was done by an independent accredited laboratory following the GSMA SGP.16 v1.0 validation requirements and processes. Rigorous testing of HELIOS eUICC by a third-party lab verified the compliance with GSMA specifications and standard interoperability. The goal is to ensure that mobile network operators are able to use HELIOS eUICC in complete security and in a reliable manner. To address the market needs, HELIOS eUICC is available both as a software-only Operating System or preloaded into Secure Elements from leading semiconductor companies. Its complete interoperability ensures that HELIOS eUICC can be remotely managed by any Subscription Manager compliant with the GSMA specifications. Patrick Cao, Chief Operating Officer, said “We are proud to obtain this certification. This conf

A Better Alternative to Banking - ClubSwan.com27.1.2020 12:00:00 EETPress release

ClubSwan.com, the leader in membership driven financial solutions, further expands its innovative alternative banking capabilities to key global markets. As traditional financial institutions continually struggle to provide innovative and meaningful ways to bring value to individual and corporate customers and as digital assets/crypto currencies are experiencing global growth, ClubSwan.com continues to evolve to meet the efficiencies and demands that these new assets and our customers require and to which traditional banks have no answer. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200127005046/en/ Instead, closed bank accounts, rejected transactions, crippling delays with customers receiving their funds (if at all) are all the norm with traditional banks. To add to this dilemma, the availability of trustworthy solutions where customers have peace of mind for both crypto assets and traditional currencies have been non-exi

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