Power of AI in banking showased at science and technology festival

The use of Artificial Intelligence (AI) to help children gain financial literacy was highlighted at the recent three-day Science and Technology Festival.

During the three-day event, hosted by the Ministry of Industry, Innovation, Science and Technology and the University of the West Indies, Cave Hill Campus’ Faculty of Science and Technology, children interacted with a conversational AI Avatar, Tiffany, who sought to build their awareness on financial matters.

Tiffany was one of two immersive virtual reality (VR) experiences developed and shared by CIBC Caribbean during the festival at the Lloyd Erskine Sandiford Centre, held under the theme, Let’s Innovate: Barbados.

Tiffany conversed with the children and gave information and answered audience questions about products, services and everything banking related.

CIBC Caribbean said Tiffany was a proof of concept and represented a leap forward in personalised customer service, powered by natural language processing and machine learning, and was a testament to the bank’s commitment to innovation.

Patrons entering the CIBC booth also experienced a VR tour during which participants explored the world while learning about various products and services and glimpsing into the future of banking.

Presenting those immersive experiences, the bank said, was evidence of its view that technology was not merely a tool but a gateway to transformative experiences that could potentially redefine the banking landscape.

Deputy Chief Information Officer – Delivery Services (ag), Technology, Infrastructure and Innovation, Trevor Wood said: “Our exhibit at the Barbados National Science Festival was one of our innovation hub’s outreach activities and reflects our commitment to making the future of banking tangible for those with whom we interacted.

“Events like the Barbados National Science Festival present us with opportunities to showcase our digital capabilities and cutting-edge technology, and to discover our communities’ ideas for innovations that can help them in their daily lives. In so doing, we can take an important step toward making our clients’ ambitions real.”

“What makes these innovations even more significant is their potential impact on the banking landscape in the Caribbean. We are not just embracing technology; we are shaping the future of banking in our region. These experiences and innovations pave the way for more efficient, accessible, and customer-centric banking solutions, setting new standards for the industry,” he added.

(PR/BT)