TORONTO, Aug. 7, 2024 /CNW/ - CIBC today announced a strategic collaboration with Creative Destruction Lab (CDL), a nonprofit organization focused on empowering companies through innovation in AI technology. CDL is committed to helping future-proof organizations through the development and implementation of AI solutions.
As a participant in CDL's Putting AI to Work Program, the bank will be a key member of a cohort consisting of leading organizations from various sectors across the Canadian economy, all focused on responsibly integrating AI across their businesses to do more for stakeholders. The bank will have access to advanced, ongoing learning from industry leaders and experts focused on transformative AI systems and implementation.
"Working with Creative Destruction Lab gives CIBC a unique opportunity to work with industry leaders in furthering our approach to AI and how it can be leveraged to deliver against our client-focused strategy," said Dave Gillespie, Executive Vice-President, Infrastructure, Architecture and Modernization, CIBC. "We're committed to operationalizing the opportunities AI presents and doing so thoughtfully with the right governance, to add value for clients and enhance the experience for our team members."
Together, the cohort will participate in a comprehensive 12-month program designed to facilitate the development and sharing of best practices, which provides a unique opportunity to identify new revenue-generating product lines, build competitive advantages, and increase business efficiencies within the Canadian AI ecosystem.
"Over the past two years, we have witnessed a Cambrian explosion of off-the-shelf AI solutions, shifting the challenge from scarcity to prioritization," said Sonia Sennik, Chief Executive Officer of Creative Destruction Lab. "We are thrilled to welcome CIBC to CDL's Putting AI to Work Program and empower the bank to select and rapidly implement the best AI solutions and ensure tangible productivity gains."
"This collaboration is a progressive next step in CIBC's commitment to recognizing the transformative potential of AI, and we are proud to be working with CDL as we continue to integrate this technology into our operations to better serve our clients and improve efficiencies," Gillespie added.
About CIBC
CIBC is a leading North American financial institution with 14 million personal banking, business, public sector and institutional clients. Across Personal and Business Banking, Commercial Banking and Wealth Management, and Capital Markets and Direct Financial Services businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre.
About Creative Destruction Lab
Creative Destruction Lab (CDL) is a nonprofit organization that delivers an objectives-based program for massively scalable, seed-stage, science- and technology-based companies. Its nine-month program allows founders to learn from experienced entrepreneurs, increasing their likelihood of success. Founded by Professor Ajay Agrawal in 2012 at the University of Toronto's Rotman School of Management, the program has expanded to 13 sites across seven countries: Oxford, Seattle, Paris, Atlanta, Madison, Vancouver, Calgary, Montreal, Halifax, Berlin, Estonia, and Melbourne. The successful commercialization of cutting-edge science and technology achieved through the program has led to the creation of over $35 billion in equity value.
SOURCE CIBC
