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.
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SOURCE Canadian Western Bank
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