North American financial services institution Canadian Imperial Bank of Commerce (CIBC), has taken up digitization as an ongoing process to gain an edge over competition and has been using AI, Big Data, Cloud, Blockchain and other cutting-edge technologies in its transformation journey that began some 10 years ago. In 2021, it had a budget of $861 million for its IT transformation spending and the spending has been more focused on getting newer software and hardware and the migration of its critical infrastructure to the cloud.
SIMPLIFYING BANKING
The bank that provides personal, small business and commercial and corporate banking solutions to its customers has been stressing on simplifying banking through the use of technology, especially building and improving digital channels. Some of the key initiatives in this regard are remote cheque deposit for mobile devices, leveraging AI for customer interactions and adopting cloud to accelerate the delivery of new products and services.
The Toronto, Ontario based bank has 4 strategic business units - Canadian Personal and Business Banking, Canadian Commercial Banking and Wealth Management, U.S. Commercial Banking and Wealth Management, and Capital Markets. It has international operations in the United States, the Caribbean, Asia and the United Kingdom. Its customer base is 11 million globally and has over 45,000 employees.
DIGITAL IS PRIMARY NOW
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