CIBC Caribbean’s technology team spearheaded the hosting of ‘Ignite Innovation’; a presentation to clients on data science and artificial intelligence (AI) at the Warrens Great House in Barbados on July 5.

The hybrid event delved into the significant role of artificial intelligence (AI) in enhancing banking operations and business and drew a diverse audience of physical and online participants, ensuring broad accessibility and interaction.

Among those in attendance were corporate clients, IT stakeholders, and government officials, providing an excellent networking opportunity and fostering collaboration among key players in the industry. Attendees had the opportunity to engage with the presenters, participate in interactive question-and-answer sessions, and gain practical knowledge on how AI can be integrated into their overall business strategies. 

The event highlighted the rapid growth of AI with key initiatives such as personalised customer service, content creation, data extraction, and competitor monitoring.

The webinar, themed ‘How You Can Make Artificial Intelligence (AI) and Data Science Work for You and Your Enterprise‘, provided a comprehensive overview of the pivotal role AI plays in modern business.

The session underscored AI’s significance in enhancing convenience and efficiency for customers and illustrated how businesses can leverage AI to streamline operations, reduce costs, and drive innovation. 

Stephan Barrow, senior data scientist at CIBC, highlighted that since 2019, the bank has been using predictive analytics and software development to create a successful digital lending channel bolstered by data science and automation that provides clients with loans within 15 minutes of application.

A key focus of the seminar was the accelerated adoption of online banking, driven by the COVID-19 pandemic. The pandemic not only highlighted the necessity of digital solutions but also paved the way for a more seamless and user-friendly banking experience. CIBC Caribbean has embraced this shift, leveraging AI to offer innovative solutions that meet the evolving needs of its customers.

Main presenter Quinn Weekes, senior manager of Client Product Profitability Strategy, shared his valuable perspective on AI’s role in banking and business transformation. Weekes emphasised that contrary to popular belief, AI is best utilised in synergy with human input and knowledge application, reducing staff workload and increasing efficiency. 

In addressing concerns about AI replacing human jobs, Weekes assured attendees that AI is intended to augment human capabilities rather than replace them. He highlighted that AI can take over repetitive tasks, allowing human employees to focus on more strategic and creative aspects of their work. Additionally, he emphasized the bank’s commitment to data protection, ensuring that AI technologies are implemented with robust security measures to safeguard customer information.

Trevor Wood, director of data and innovation at CIBC, illustrated how to protect the integrity of data by using the correct AI tools, emphasizing the importance “of understanding the risks and being conversant with the technology to make the correct choices.”

The “Ignite Innovation” webinar gave attendees a deeper understanding of how AI can drive business efficiency and innovation. CIBC Caribbean remains dedicated to fostering a culture of continuous improvement and leveraging the latest technological advancements to better serve its clients. 

This webinar was the first in a planned series of presentations that will examine how Caribbean businesses and society can drive positive change through the application of AI technologies. The bank looks forward to future opportunities to engage with stakeholders and share insights on the evolving landscape of AI and data science.