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
Denne historien er fra February 2023-utgaven av Banking Frontiers.
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Denne historien er fra February 2023-utgaven av Banking Frontiers.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Swedbank leverages data to the hilt
Sweden's Swedbank takes innovation to a different level by collaborating with other competing banks:
Digitization is for customer satisfaction, says Argenta Bank
Belgium's Argenta Bank has designed its digitization efforts to enhance customer experience:
Speed, Safety, Compliance
Brijesh Samantaray, Co-founder, Propelld shares the current trends in the education loans how the company is leveraging technology:
Unique methods in fraud perpetration
When we look at some of the very serious frauds that had taken place in the financial realm, it is evident that the perpetrators are somewhat ingenious:
NBFCs: Elevating Organizational IQ
What is more important than hiring smart people is raising organizational IQ. This topic was discussed in depth in a panel discussion at NBFC's Tomorrow conclave organized by Banking Frontiers. Edited excerpts:
Trustful Transformation
Transformation is no longer only about growth & efficiency. It involves aspects like compliance, security and explainability that are impacting NBFCs. These issues are explored in this panel at NBFC's Tomorrow:
CEO Panel: Connecting Traditional Wisdom with Modern Intelligence
Banking Frontiers organized its annual NBFC Conclave titled NBFC's Tomorrow in August 2024 at Mumbai. Highlights of the first panel discussion:
NBFCs EXPERIENTIAL EVOLUTION, TRUSTWORTHY TRANSFORMATION
Banking Frontiers organized NBFC's Tomorrow, its annual NBFC Conclave, in Mumbai on August 21. The program comprised panel discussions on 5 upcoming opportunities for the NBFC sector, along with presentations, fireside chats and a keynote address. Edited excerpts from the conclave:
Smart ATMs - an indication of a resurgence
Smart ATMs can be the future way of how one may be interacting with a bank and doing transactions:
Personalization scores with HNWI & YP
Ghulam Haidar Rasooli, Chief Financial Officer at Afghanistan based Ghazanfar Bank, reveals the impact of personalization and future roadmap:
