Canadian banks double down on personal finance assistants

TD Bank and CIBC this week announced enhanced capabilities for their AI banking assistants, in a bid to drive engagement and keep customers in their ecosystems.

Why should we care?
The TD Bank app will now offer AI-supported nudges that predict when customers’ bank balances go dangerously low. It will predict upcoming bills, and provide tailored advice on long-term financial plans, including investing and retirement. Meanwhile, CIBC launched a conversational AI-based assistant powered by IBM Watson Assistant. The tool will allow customers to send money transfers, pay bills, and ask questions about their financial health. These offerings are becoming table stakes in a context where younger customers feel less attached to incumbent banks, and digital-only banking platforms – including KOHO, Motusbank, EQ Bank, and others – grow their market share in Canada. “We're thinking differently about how we can support our customers and we are creating hyper-personalized digital experiences to help them manage their finances,” says Rizwan Khalfan, chief digital and payments officer at TD Bank said in a statement.