Obsessed with your success
Table of Contents
Maintain a foundation of trust
Manage our impact responsibly
Supplemental reporting
Overview
Appendices
Financial inclusion
We strive to create an accessible and inclusive environment where our clients with different needs and backgrounds see CWB as a great place to bank. We are focused to support small businesses, which represent the vast majority of companies across the country and contribute to a strong and vibrant Canadian economy.
supported through in-person financial education workshops. To ease the administrative burden for business owners, our team of wealth experts manages the program, including investment options and monitoring, and ongoing compliance with governance requirements. We host interactive CWB Expert Series educational sessions for our small- and medium-sized business owner clients, where they can learn about important topics with the help of CWB experts and partners with subject matter knowledge. Sessions are free for clients to attend and provide the opportunity to make connections with other business owners. In 2022, we hosted sessions focused on how to build a strong cybersecurity plan, effective talent management strategies, and legislative changes that impacted businesses and individuals who work in construction or land improvement industries.
SUPPORTING SMALL BUSINESS OWNERS
Our strategy is focused to provide greater access to banking services through targeted credit products for qualified small business owners and our expanding digital channels. We have initiated the roll-out of our new, scalable small business digital banking offering, which we believe will fill a gap in Canada’s financial services industry. Through CWB Wealth, we offer employee savings programs specifically designed to meet the needs of small- to medium- sized businesses. CWB Wealth’s Group Savings program provides business owners with a customized offering to support their ability to attract, retain and reward top talent through retirement savings plans and financial literacy resources available on an easy-to-use digital platform and
A differentiated digital solution for small businesses
Powered by advanced data analytics and explainable- artificial intelligence, our Virtual Chief Operating Officer (VCOO) solution is differentiated from existing digital banking solutions by aggregating financial, banking and business data to provide a consolidated real-time view of a small business’s financial health to lighten the administrative burden for business owners. To design the solution, we created a collaborative think-tank with our digital banking service provider and a group of our business clients. Certain components of the VCOO solution have been released as part of our new digital banking platform, cwb.digital , including: • Real-time access to cash flow information; and, • Predictive cash flow analytics and simulation scenario functionality.
Additional functionality that will be released in 2023 includes: • Business Health Score, a single score that considers numerous metrics to calculate the financial wellness of a business; and, • Automated accounts payable and receivable reconciliation capabilities. Our VCOO was the recipient of a 2022 Impact Award in Cash Management and Payments, awarded by Aite-Novarica Group, in the Artificial Intelligence and Advanced Analytics category. CWB was the only Canadian company among the award winners in 2022.
25 2022 SUSTAINABILITY REPORT AND PUBLIC ACCOUNTABILITY STATEMENT
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