CIBC launches AI virtual assistant using IBM hybrid cloud

By Sunniva Kolostyak

The Canadian Imperial Bank of Commerce (CIBC) has launched an AI-powered Virtual Assistant, powered by IBM Watson, to help clients complete banking transactions and provide digital guidance.

The conversational AI tool is the first of its kind among major Canadian banks and has been introduced to address the increasing use of digital banking in the country.

Powered by IBM Watson and sitting on an IBM hybrid could structure, the Virtual Assistant can perform banking transactions and answer questions about everyday banking. It is available 24/7 through CIBC Online Banking and will be launched on CIBC Mobile Banking in 2021.

Clients are able to use the tool to send an Interac e-Transfer, pay and schedule a bill, lock and unlock their credit card or transfer money between accounts. The Virtual Assistant can also transfer a client to a CIBC financial expert if needed.

Aayaz Pira, Senior Vice-President, Digital Banking & Innovation at CIBC, commented: “CIBC’s Virtual Assistant helps clients get answers quickly, and complete transactions with ease. Clients who would normally call in can now also find answers at their fingertips and complete tasks online.”

Users will be able to ask a number of questions about day-to-day banking, such as current account balance, how to transfer money, payments due on credit cards, foreign exchange rates and credit scores.

CIBC’s Digital and Technology teams have worked closely with IBM to develop and fully integrate the Virtual Assistant into CIBC’s Online Banking platform. Clients are able to type their questions into the Virtual Assistant and receive an instant written response, along with links and widgets to help further assist them.

It also provides button prompts to aid in an efficient conversational experience. Built on the back of IBM’s hybrid cloud strategy, the virtual assistant is scalable, secure and highly available allowing for rapid innovation across CIBC’s digital platforms using this technology.

“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,” Pira added.

Also commenting, Charbel Safadi, Senior Partner, Financial Services Leader at IBM Canada, added: “Built on the IBM Cloud, the virtual assistant serves as a flagship example of the application of AI in the banking sector and is aimed at enhancing overall customer experience. We are pleased to partner with CIBC, a leader in adopting advanced technologies as customers seek more intuitive and easier ways to address their banking needs.”