New CIBC Mobile Banking feature uses AI to give clients personalized, data-driven insights into their spending and saving

·2 min read

Achieving financial stability and security made easier with CIBC Insights

TORONTO, Feb. 3, 2021 /CNW/ - 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.

CIBC Insights (CNW Group/CIBC)
CIBC Insights (CNW Group/CIBC)

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."

"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.

Additionally, CIBC continues to enhance its mobile banking experience, and was ranked #1 in customer satisfaction for mobile banking among Canada's largest banks by J.D. Power in June 2020.

About CIBC

CIBC is a leading North American 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, with offices 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

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