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CIBC Launches AI-powered Virtual Assistant to Help Clients Bank Digitally


Powered by IBM Watson, clients can use it to complete banking transactions and get answers to questions with ease

With Canadians using digital banking now more than ever, CIBC is introducing a conversational AI-based Virtual Assistant powered by IBM Watson, that can perform banking transactions and answer questions about everyday banking.
CIBC’s Virtual Assistant, the first of its kind among major Canadian banks, is now available 24/7 through CIBC Online Banking and will be launched on CIBC Mobile Banking in 2021. Clients can use it 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.
“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,” said Aayaz Pira, Senior Vice-President, Digital Banking & Innovation, CIBC.
The questions a client could ask the new Virtual Assistant include:
  • Can you tell me my current account balance?
  • How do I send money to my sister?
  • When is my minimum payment due on my credit card?
  • I lost my credit card, what do I do?
  • What’s the foreign exchange rate for US dollars?
  • What is my credit score?
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. Italso 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,” added Mr. Pira.
“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,” said Charbel Safadi, Senior Partner, Financial Services Leader at IBM Canada.

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