Multi-year investment includes cloud technology, infrastructure, security and training for CIBC talent
TORONTO, July 8, 2021 /CNW/ - Today CIBC and Microsoft announced a strategic relationship through a multi-year agreement formalizing Microsoft Azure as CIBC's primary cloud platform. CIBC's cloud-first approach will be enabled by Microsoft Azure's vast on-demand computing power, enabling it to scale and modernize its banking platforms, while building in additional resiliency, efficiency and agility.
"We're building and investing in leading-edge technology to accelerate our bank's transformation – our investment in cloud technology is a cornerstone of these efforts," said Christina Kramer, Senior Executive Vice-President and Group Head, Technology, Infrastructure and Innovation, CIBC. "With Microsoft's Azure platform, we will be better positioned to help clients achieve their ambitions, through client-facing services such as digital banking and global remittances, as well as furthering innovative work in areas such as AI and machine learning."
Microsoft Azure will help to enable CIBC to support faster, real-time, data-driven decisions, to quickly launch and scale new innovations for an enhanced client experience. In addition to its Software as a Service (SaaS) and private cloud strategies, CIBC's investment in market-leading public cloud technology will also reinforce and expand its critical foundations in data protection and security.
"Leveraging cutting-edge technology and ensuring employees have the right digital training are critical for organizations to thrive in the rapidly evolving financial services industry," said Kevin Peesker, President, Microsoft Canada. "We are proud to support CIBC's ongoing digital transformation through Microsoft Azure, equipping CIBC with the AI, data, cloud and machine learning capabilities to drive innovation, more securely power their infrastructure and deliver superior customer experiences."
CIBC and Microsoft have a longstanding relationship and this agreement is one way the bank is continuing to execute on its client-focused strategy, utilizing technology and innovation to deliver growth. This agreement builds on a successful collaboration between the two organizations with cloud, enterprise software, and enabling CIBC's workforce with Office 365.
CIBC has already demonstrated the benefits of cloud technology to unlock the full potential of the bank's team of over 44,000 employees globally. When the COVID-19 pandemic began, CIBC was able to leverage its flexible technology platforms to rapidly deliver relief programs for clients, and connect team members globally through Microsoft Teams.
Teams also served as a platform to leverage advanced AI cloud technologies. CIBC's internal FX Virtual Agent was rolled out nationwide within Teams to help manage the demand of clients' trading requests. Integrated to core banking systems, the FX Virtual Agent is capable of managing a wide range of transactions in seconds, drastically reducing call handling time, while maintaining accuracy. The new strategic relationship announced today will further enhance CIBC's capability to deliver more for clients in a rapidly changing global marketplace.
Investments in Microsoft Azure technology will support:
- Accelerating the migration of hundreds of applications to the cloud, in addition to the many Capital Markets systems already benefitting from improved scalability, agility, and efficiency of Azure;
- Scalable computing power for CIBC's enterprise data lake and AI/ML platform to power smart, innovative client solutions;
- A secure and resilient foundation for serving CIBC's clients, leveraging Microsoft's expertise, multiple Canadian data centres and global footprint across the regions in which CIBC and Microsoft operate.
Cloud engineering, security and related skills are in high demand across Canada, and globally. Through the CIBC and Microsoft relationship, CIBC will also get access to an extensive suite of Microsoft training programs and certifications, to support and continue developing top talent at CIBC. "Investing in leading edge technologies is also an investment in our teams and their capabilities, as we continue building the bank of the future," added Ms. Kramer.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network and locations across Canada, with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.
Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.