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Revolut exits Canada, abandoning its rollout in the challenging market


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Revolut s exit from Canada shows how difficult it is for neobanks to crack the market.
However, other challengers are still eager to improve digital solutions offered to customers in the region.
Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry. Learn more about becoming a client.
The UK-based neobank is ending its operations in Canada after rolling out a beta version of its app locally a year and a half ago, 
per BetaKit. Revolut had plans to provide its full-fledged products and services in the country, but never officially launched, so it s unclear how many users the app actually had. It will wind down beginning on March 29, and customers who do not use their remaining balance by May 15 will be reimbursed in full. ....

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UK small businesses' gloomy outlook threatens their value to neobanks


A grim outlook for UK SMBs questions their viability as valuable long-term neobank customers.
Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry. Learn more about becoming a client.
The British Business Bank s (BBB s) annual Small Business Finance Markets report found that last year, 43% of UK small and medium-sized businesses (SMBs) received external financing, compared with just 13% in 2019, as
reported by the Financial Times.
UK SMBs gloomy outlook threatens their value to neobanks.
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Gross bank lending was up 82% year over year, with almost 70% of the growth coming from government-backed lending schemes which now have a March 31, 2021,  ....

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Temenos brings explainable AI to Canadian Western Bank


Temenos taps into explainable artificial intelligence, which is integral to its new partnership with Canadian Western Bank.
And other banks could use similar applications to correct bias in traditional AI models and complement the customer experience.
Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry. Learn more about becoming a client.
The banking software company is 
teaming up with Canadian Western Bank (CWB) to provide its new Temenos Virtual COO solution to small and medium-sized businesses (SMBs).
Banks could utilize XAI technology to rectify the black box problem.
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The product is built on top of Temenos omnichannel digital banking platform and utilizes explainable AI (XAI) and analytics to support financial decision-making at SMBs. By aggregating banking and business data, SMBs are able to assess their c ....

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