Fostering Innovation and Ethical AI

In June, CIBC proudly hosted its 3rd annual three-week case competition in collaboration with Western Ivey's Digital Innovation Studio (IDIS). The event provided an exciting platform for students to showcase their innovative ideas and network with industry leaders.

Event Highlights:

• Presentations and dialogue with Industry Professionals: Students shared their views as clients and future leaders of the banking industry – discussing what they believed to be the most impactful AI use cases and what thoughtful and ethical AI usage should look like from their perspective.
• Hands-On Experience: Participants had the opportunity to directly engage with generative AI and mixed reality technologies delivered by the CIBC team. This hands-on experience helped bridge the gap between academic concepts and practical application, providing many students with their first opportunity to directly engage and leverage the technologies being discussed. The two experiences were:
  • Prompting challenge: Participants were presented with a challenge to generate targeted outputs using multiple LLMs. They were tasked with creating the most effective prompts, aiming for the highest score based on relevance and accuracy.
  • Mixed Reality: Using mixed reality technologies, participants gathered in teams to engage in a team-building exercise with a key focus on communication skills. The objective was not only to complete the activity quickly but also to showcase how these technologies could be leveraged in future collaborative practices and environments. 
  • Networking: The event facilitated meaningful connections and dialogue between students and CIBC leaders from across the enterprise, offering insights, and helping students build professional relationships that could shape their future careers.

Key Takeaways:

1. Financial Guidance: AI offers impressive capabilities and innovative applications, but the primary focus remains on providing solid advice and a range of options. While we're excited about AI's potential, the fundamentals of good financial guidance and optionality are still crucial.
2. Human Touch: The ideal approach combines human expertise and emerging technologies. While students appreciate automated solutions, they also rely on the human touch for managing finances. Integrating human insight with technology ensures effective solutions and emphasizes personal interaction.
3. Thoughtful Use of Technology: Along with excitement about the potential of new technologies, there’s unanimous recognition of the need for mindful and responsible use. It’s crucial to apply these technologies in ways that ensure a positive impact, reflecting an understanding of their broader implications.
4. Seeking Talent and Building Connections: Collaborations like this case competition offer CIBC a glimpse into future tech talent. We gain insights into the aspirations of future leaders while staying informed on the evolving talent landscape. Students benefit from interactions with industry leaders, which support their professional development and expand their networks for future career growth.