CIBC Launches AI-Powered Virtual Assistant

Need to Know 

• With digital banking on the rise, CIBC has launched an AI-powered virtual assistant.
• The chatbot can be used to send money, pay bills, and answer everyday questions.
• CIBC’s virtual assistant is powered with IBM technology that can be used to scale and grow rapidly as the bank’s digital needs evolve.
• Self-serve banking has been on the rise since the COVID-19 pandemic shuttered physical stores.

Analysis

CIBC has launched a first-of-its-kind virtual assistant that will support Canadian digital banking clients. The AI-powered virtual assistant can perform banking transactions and answer client questions. 

Available 24/7 through CIBC Online Banking, the new virtual assistant is powered by IBM Watson Assistant, using IBM’s hybrid cloud strategy. It can be used to send Interac e-transfers, pay bills, transfer money between accounts, and more.

CIBC’s Virtual Assistant can also answer everyday questions, such as what to do if a client loses a credit card or how to send money to a family member. It can also transfer the client to a CIBC financial expert if needed. 

“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 through a virtual agent chat online,” said Aayaz Pira, SVP of digital banking and innovation at CIBC.

The virtual assistant program is also “highly scalable,” meaning it is built to grow and innovate rapidly as the bank evolves its digital offerings. 

“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,” added Pira.

As part of its ongoing digital evolution, last month CIBC launched its GoalPlanner feature, which serves as a digital financial planning tool for clients who use online banking. 

While digital banking has been on the rise for many years, the impact of the COVID-19 pandemic has skyrocketed a revolution in the banking industry. 

In light of massive growth in self-serve banking this year, antoher big 5 Canadian bank RBC launched its own digital chatbot, NOMI. The bot also answers everyday client questions, like how to deposit  a cheque, and can operate in 12 languages.