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| - SMEs make up 95% of businesses in many countries, and yet they are consistently underserved by banks around the world. Temenos and Canadian Western Bank (CWB) have innovated together to develop an Explainable AI-driven (XAI) solution, Temenos Virtual COO. Following TCF Online 2021, Temenos (SIX: TEMN), the banking software company, announces that it has launched Temenos Virtual COO globally. Temenos Virtual COO is built on Temenos Infinity, the leading digital banking platform, and leverages Temenos Analytics and API-first, cloud-native technology. Temenos Virtual COO offers open banking-driven data aggregation with real-time insights for SME owners to take control of their business growth, ultimately enabling smarter funding. Temenos provides a Virtual Chief Operating Officer in your pocket - a digital advisor for smart decision-making - helping SMEs run their business, freeing up time and providing financial insights to help them grow. Listen to the TCF Online session, "Breaking the Boundaries of SME Banking", where Temenos, CWB, Deloitte, ChangeUp and Codat discuss how financial institutions can become trusted partners for SMEs. Often SMEs see banks as a barrier to growth rather than a trusted partner, experiencing a $5.2 trillion funding gap worldwide. And yet, according to a new report by the Financial Brand, only 62% of financial institutions feel that they have been successful in innovating in the SME space, a sector that generates $850 billion in banking revenue. Jeff Wright, Senior Vice President, Equipment, Digital & Client Solutions, Canadian Western Bank, commented: "We're innovating with Temenos to not only create something special, but to evolve with SME owners along their growth journey. It's about understanding the human behind the business. We're actively incorporating SME feedback to make sure we're creating an offering that addresses their unique challenges. It's been so exciting to watch the journey evolve, seeing the excitement from SME owners, and creating a smarter business model for running a small business. We're thrilled to be launching the beta in just a few months, and to support the entrepreneurial dreams of up to 1.1 million SMEs in Canada." John Wang, Partner, Deloitte Digital, added:"So often, we tend to start with technology, and it becomes a solution looking for a problem, rather than the other way around. To avoid that, we approached this idea by starting with what the user wants (i.e., desirability) before looking at viability and feasibility. In the end, you want all three. The bank of the future is going to be assembled, not built - and will be created through an ecosystem and a team of people with diverse perspectives that are passionate about creating exceptional products." Kam Chana, Product Innovation Director, Temenos, said:"SMEs have the largest gap of any segment between customer expectations and the experience being delivered. Despite SMEs being the lifeblood of our economy, they have long been underserved. Based on the conversations we had with 300 SME owners, what they really lack is the time and the knowledge to grow. With a $5.2 trillion funding gap, the opportunity is enormous if financial institutions leverage technology to deliver intelligent solutions to businesses. We are delighted to announce the availability of the Temenos Virtual COO solution globally. With Temenos Virtual COO, financial institutions worldwide will be able to empower SMEs with intelligent business banking and drive growth with funding innovation." - 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: Contact Media Jessica Wolfe & Scott Rowe Temenos Global Public Relations Tel: +1 610 232 2793 & +44 20 7423 3857 Email : press@temenos.com Alistair Kellie & Andrew Adie Newgate Communications on behalf of Temenos Tel: +44 20 7680 6550 Email: allnewgatetemenos@newgatecomms.com © 2021 Business Wire, Inc. Disclaimer: This material is not an AFP editorial material, and AFP shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person/entity mentioned in the text of the release.
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