Shift AI Podcast AI's Transformative Role in Banking with CIBC EVP Infrastructure David Gillespie
21 snips
Oct 8, 2024 David Gillespie, CIBC's EVP of Infrastructure, shares his extensive expertise in AI and banking. He discusses transformative innovations at CIBC, including AI-driven document processing and improving employee performance. The conversation emphasizes the significance of AI education for banking executives, regulatory challenges, and how AI can reshape financial institutions' operations. David also considers the potential for job displacement while highlighting a future where AI enhances client experiences and drives operational efficiency in the banking sector.
AI Snips
Chapters
Transcript
Episode notes
CIBC's AI Initiatives
- CIBC launched several at-scale AI use cases, including GitHub Copilot and an internal GenAI interface for employees.
- They also use AI for document ingestion and a RAG model for retail bank knowledge workers.
AI for Document Ingestion in Banking
- Banks face challenges with unstructured documents in client onboarding and credit authorization.
- Bespoke contracts in commercial and corporate spaces also require AI solutions for data extraction.
Technical Approach to Document Ingestion
- CIBC uses large language models like Mistral and OpenAI for document ingestion.
- Data scientists, not prompt engineers, lead these efforts for better model selection and prompt development.