CIBC embraces AI as report shows increasing digital competition

Canada's major financial institutions recognize that providing strong digital offerings is increasingly essential for market share

CIBC embraces AI as report shows increasing digital competition
Steve Randall

In a year when digital transformation has accelerated among Canada’s financial institutions, CIBC is claiming a ‘first-of-kind’ development among its peers with the launch of a new artificial intelligence (AI) solution for customers.

The new Virtual Assistant will provide conversational abilities for customers wishing to perform banking transactions or ask questions about everyday banking.

Powered by IBM Watson, the assistant is already available on CIBC’s online banking platform and will be part of its mobile banking offer in 2021.

Simple questions – such as “How do I send money to my sister? – can be answered by AI customers can transfer to an advisor where required.

“Adding these capabilities is part of our focus on leveraging digital to make our clients’ banking experience even better, and we’ll continue to build on this new technology to deliver more interactive services and make it easier for clients to bank with us remotely or from the comfort and safety of their homes,” said Aayaz Pira, SVP of Digital Banking & Innovation, CIBC. 

Mobile investing
Providing smart digital solutions is becoming a bigger battle ground for financial institutions.

Investing is one key area where providing a strong platform for customers is increasingly competitive, as shown by the latest report on discount brokerages’ mobile offerings.

Surviscor's 2020 Discount Brokerage Mobile Review ranks Questrade the highest with an 84% peer-based result, with National Bank Direct Brokerage (81%), BMO InvestorLine (74%), TD Direct Investing (73%), and CIBC Investor’s Edge (62%) completing the top 5.

"We're extremely honoured by this ranking. It highlights our commitment to provide the best investing experience and platforms in Canada; and being the best in mobile is key to achieving that," said Edward Kholodenko, president and CEO, Questrade.

The rankings are based on measurement of almost 400 experience criteria using over 3200 objective usage-related criteria questions over six independent categories.

Glenn LaCoste, Surviscor Group’s president and CEO, said that Questrade has done well to outperform seasoned banking competitors.

“The key to its mobile success is its seamless transition and consistent user experience when using a mobile device instead of the traditional online platform,” he said.