Canadian business bank CWB Financial Group will roll out personalized insights within its app and online platform in 2021.

Jeff Wright, CWB’s senior vice president of client solutions, said the bank will be able to deliver proactive advice on cash flow challenges and opportunities, including, for example, personalized guidance on money management, forecasts and product recommendations based on customer transaction patterns.

The feature is called Explainable AI, and the bank will be tapping Temenos‘ AI-based tools to make this happen.

“The technology gives [banks] not just the insight, but explains the logic that was used to generate that insight,” said Wright. “It will explain how we arrived at the conclusion,” he said.

The tool is geared at small businesses that experience cash flow challenges, he added.

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The launch of Explainable AI is part of a larger digital transformation initiative from CWB. The bank has outlined a two-year plan to implement a series of changes aimed at simplifying digital experiences for clients, including Explainable AI and leveraging cloud-based operating systems.

A key objective of Explainable AI, Wright noted, is to enhance transparency around the capabilities of AI-based tools. In particular, the bank will be able to explain the processes that led to the insights offered by the tool.

“If anyone has concerns about outcomes out of our AI engine, it’ll actually be very easy for us to explain exactly how we got from point A to point B. It makes the insights easier to understand,” he said. 

The bank currently works with more than 20,000 business clients. CWB Bank joins a range other institutions seeking to simplify the digital banking experience for businesses, including Bank of America, Kabbage, BlueVine and Bank Novo.

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