CIBC introduces AI-powered Insights tool amid digital banking spike in Canada

“But CIBC faces tough competition, as AI solutions have also been a popular area of investment for its main competitors. Canada’s largest banks spent around CA$90 billion ($67.8 billion) on technology upgrades between 2009 and 2018. And AI solutions to improve the customer experience were a big part of their investments prior to the pandemic to deepen relationships with clients. Competing incumbent banks RBC, BMO, and TD have all debuted their own versions of AI-powered money management solutions.”

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