CIBC Launches New Spending Insight Tool

Need to Know

• CIBC Insights alerts clients to savings opportunities and unusual transactions while also identifying spending trends to help clients better manage their money.
• The AI-powered tool delivers personalized prompts regarding changes in spending or available savings, among other things.
• The tool can also suggest setting spending limits for specific categories or merchants and deliver reminders to set aside money.

Analysis

As the COVID-19 pandemic continues to affect financial stability, CIBC has launched a new tool to help its clients manage and monitor their finances.

CIBC Insights, which the bank announced today, uses AI to deliver personalized recommendations, alerts, and suggestions to banking clients based on their credit card and checking account activity. Insights will identify trends based on historic spending habits, subscription fees, and recurring bills, and will inform clients when they’re spending more than usual, or when bills have been higher than they ordinarily are. In addition, the app will identify saving opportunities, alerting clients when they have funds in their checking account that can be transferred to savings.

In addition, the tool can identify when a client is spending more than usual in a specific category—for example, entertainment—and suggest that a client place a spending limit on products in that category.

“CIBC Insights is another example of the innovative technology and digital capabilities CIBC is building to deliver more interactive services and an even better banking experience for our clients,” said Aayaz Pira, senior vice president, digital banking & innovation for CIBC. “The personalized financial guidance that CIBC Insights offers can help our clients manage their day-to-day finances—it’s like having a financial coach in your pocket.”

CIBC has launched a number of tools throughout the pandemic to help its clients better manage their money during times of financial uncertainty and change. In November, the bank launched GoalPlanner, which allows Imperial Service clients to identify goals and see an overview of their finances with an easy-to-use, modern platform. Imperial Service is a CIBC program that offers financial advising services, as well as exclusive banking and investment products; Insights is available to all CIBC customers. A month later, the bank rolled out an AI-powered virtual assistant that can be used to send money, pay bills, and answer everyday questions.

With Insights, CIBC joins a number of banks that have rolled out similar forecasting tools for their clients in recent months, also in response to the financial tumult experienced by many due to COVID. These include Scotiabank, whose AI-powered cash-flow predictor, Sofia, was launched in January of this year, and HSBC, which unveiled its Cash Flow Forecasting Tool last month, as well. TD, meanwhile, rolled out Low Balance Protection, which will use predictive capabilities to help TD customers manage their finances if their account is running low, and a feature that provides a list of upcoming transactions, in December.