Today CIBC launched its new CIBC Insights feature, which offers clients personalized and actionable data-driven recommendations based on their financial transactions.
Using AI and machine learning, CIBC Insights notifies clients of savings opportunities and unusual transactions, while providing guidance that can support better everyday spending decisions. CIBC Insights is available to clients through the award-winning CIBC Mobile Banking App.
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CIBC Insights can help clients better manage their daily spending and saving by identifying trends and deviations from their usual patterns, based on their debit and credit card transactions. Additionally, the tool offers tailored tips and suggestions based on a client’s spending history, which may include setting spending limits for different categories or merchants to better manage expenses, or reminders to put available funds into savings.
With personalized prompts and helpful visuals, CIBC clients may see insights about their monthly spending, cash flow, subscriptions, and savings in their daily feed, such as:
• “Did you notice this recurring bill was higher than usual this month?”
• “You spent a total of $63 on 6 subscriptions in January.”
• “You spent more on entertainment this month than you usually do. Would you like to set a spending limit?”
• “It looks like you have $76 in your chequing account that can be safely moved into your savings.”
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“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, 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 Insights follows several recent CIBC digital banking updates and offerings, including the AI-based Virtual Assistant that can perform banking transactions and answer questions about everyday banking, and CIBC GoalPlanner™, an innovative and interactive planning platform that, with support from a CIBC Imperial Service advisor, highlights opportunities, shortfalls and surpluses in areas such as cash flow, to support the goal planning process.
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