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