Bank tellers are being digitized.
CIBC launched a conversational AI-based Virtual Assistant (VA) powered by IBM Watson on IBM Cloud. The VA can send money, pay bills, lock and unlock credit cards, transfer money between accounts, answer everyday questions and transfer a client to a CIBC financial expert, if needed.
“In the context of banking, many VAs can assist with FAQs as long as they are trained on the content. However, as soon as a client needs a transactional service, such as bill payment, the VA often refers the client to a number they should call,” says Ali Shakil, an associate partner for Financial Services at IBM Canada. “In order to execute on the transaction, you need a hybrid cloud approach. An orchestration layer can create connections or instructions that enable a seamless experience between the AI running on the public cloud and the transaction systems that banks typically still have on premises today.”
The Virtual Assistant is available 24 hours a day, seven days a week through CIBC Online Banking, and will be launched on the CIBC Mobile Banking app in 2021.