EDMONTON, AB, Oct. 5, 2022
/CNW/ - Canadian Western Bank (CWB) is honoured to win a 2022
Impact Award in Cash Management and Payments from Aite-Novarica
Group, a global advisory firm providing mission-critical insights
on technology, regulations, strategy, and operations to the
financial services industry. CWB's Virtual Chief Operating Officer
(Virtual COO) garnered the award in the Artificial Intelligence and
Advanced Analytics category. CWB is the only Canadian company among
the award winners this year.
"We're proud to accept this recognition of our efforts to build
a world class digital experience for small business owners who
continue to be underserved by the financial services industry,"
says Jeff Wright, Group Head, Client Solutions and Specialty
Businesses. "We are on a mission to close this gap by being the
best bank for business owners in Canada, and we are confident the Virtual COO
will become a key tool business owners use to determine and predict
their financial health."
This technology is one of the first explainable AI-driven
solution for small businesses in the market, offering relevant
insights and a holistic view to put business owners in control of
their companies' financial destiny. The new solution, developed by
CWB and Temenos, pushes the boundaries of digital banking by
aggregating financial, banking and business data to provide a
consolidated real-time view of a small business' financial health.
It will lighten the administrative burden so that business owners
can spend more time working on the things they are passionate
about, and less time on business administration.
"We thank Temenos for developing the Virtual COO alongside us,"
says Wright.
The Virtual COO is currently being used by an exclusive group of
small business owners who have been tapped to provide feedback on
the product while it is in its final stage of development. Soon,
key features My Cashflow and My Business Health Score, which
provide insights and simulations, will be released to the public
alongside a competitive and fulsome small business offering.
About Aite-Novarica Group's
Innovation in Cash Management & Payments Forum:
Aite-Novarica Group analysts and invited industry panelists
will be sharing the latest insights and analysis on cash management
and payments trends at the Aite-Novarica Group Innovation in
Cash Management & Payments Forum taking place on October 19, 2022. To learn more about the event,
please visit the event website here.
About Aite-Novarica Group:
Aite-Novarica Group is an advisory firm providing mission-critical
insights on technology, regulations, strategy, and operations to
hundreds of banks, insurers, payments providers, and investment
firms as well as the technology and service providers that support
them. Comprising former senior technology, strategy, and operations
executives as well as experienced researchers and consultants, our
experts provide actionable advice to our client base. The quality
of our research, insights, and advice is driven by our core values:
independence, objectivity, curiosity, and integrity. Visit us on
the web and connect with us on Twitter
and LinkedIn.
About Canadian Western Bank
Canadian Western Bank
(CWB) is the only full-service bank in Canada with a strategic focus to meet the
unique financial needs of small- and medium-sized businesses and
their owners. Through our network of banking centres, business
offices and mobile relationship teams, we help clients grow their
businesses, manage their money, and realize their financial
potential. Learn more at www.cwbank.com.
For more information
media@cwbank.com
SOURCE Canadian Western Bank