CIBC launches AI-based 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

TORONTO, Dec. 10, 2020 With Canadians using digital banking now more than ever, CIBC is introducing a conversational AI-based Virtual Assistant powered by IBM Watson Assistant, 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 through a virtual agent chat online," said Aayaz Pira, Senior Vice-President, Digital Banking & Innovation, CIBC.

The questions a client could ask the new Virtual Assistant include:

• How do I send money to my sister?
• I lost my credit card, what do I do?
• Can you help me pay my cell phone bill?
• How do I convert to eStatements?
• Can you assist with updating my contact information?

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 using IBM's hybrid cloud strategy, the platform is highly scalable, allowing for rapid innovation across CIBC's digital platforms.

"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.

About CIBC

CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.

SOURCE CIBC

Katarina Milicevic, [email protected] or 416-586-3609.