{"id":72277,"date":"2026-04-16T14:22:20","date_gmt":"2026-04-16T14:22:20","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2026\/04\/16\/ai-helped-cibc-save-1-2-million-hours-cut-mortgage-approval-times-at-td-ceos-say\/"},"modified":"2026-04-16T14:22:20","modified_gmt":"2026-04-16T14:22:20","slug":"ai-helped-cibc-save-1-2-million-hours-cut-mortgage-approval-times-at-td-ceos-say","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2026\/04\/16\/ai-helped-cibc-save-1-2-million-hours-cut-mortgage-approval-times-at-td-ceos-say\/","title":{"rendered":"AI helped CIBC save 1.2 million hours, cut mortgage approval times at TD, CEOs say"},"content":{"rendered":"<p> \n<br \/><br \/>\n<iframe loading=\"lazy\" title=\"Alberta Data Centres Could Push Power Prices Higher\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/1L-8s_6Zl-U?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\n<\/iframe><\/p>\n<p> Artificial Intelligence-driven tools<\/p>\n<p>                         helped the <\/p>\n<p>                        Canadian Imperial Bank of Commerce<\/p>\n<p>                         save 1.2 million hours of work in its first quarter and cut mortgage approval times at <\/p>\n<p>                        Toronto-Dominion Bank<\/p>\n<p>                        , say the lenders\u2019 chief executives. <\/p>\n<p> \u201cAI allows for enhanced fraud detection, credit monitoring, and other important activities,\u201d CIBC chief executive Harry Culham said at the bank\u2019s annual general meeting (AGM) on Thursday. \u201cIt makes these efforts faster and more effective.\u201d <\/p>\n<p> The time saved has allowed the lender to look for other opportunities to grow, he said. <\/p>\n<p> TD chief executive Raymond Chun said using AI has cut reviews of its mortgage approval process down to minutes from hours and it is also getting auto-loan decisions to clients within seconds at dealerships. <\/p>\n<p> \u201c<\/p>\n<p>                        AI offers powerful advantages<\/p>\n<p>                        , but its progress and oversight must be thoughtful and human-led,\u201d he said at the bank\u2019s AGM on Thursday. <\/p>\n<p> Canada\u2019s Big Six banks<\/p>\n<p>                        , four of which hosted AGMs this week, are looking for ways to increase their use of AI to <\/p>\n<p>                        boost productivity<\/p>\n<p>                         and earnings. None of the executives so far have spoken about Anthropic PBC\u2019s latest AI release that has put the financial world on its toes or that regulators in Canada met on April 10 to discuss the implications. <\/p>\n<p> San Francisco-based Anthropic last week said it had developed a <\/p>\n<p>                        powerful general-purpose AI model<\/p>\n<p>                         called Mythos that excels at uncovering and exploiting software vulnerabilities. The tool is supposedly so powerful that the company has declined to release it to the public. <\/p>\n<p> Instead, banking CEOs talked about the benefits of technology. For example, <\/p>\n<p>                        Royal Bank of Canada<\/p>\n<p>                         chief executive Dave McKay on April 9 said the lender has created a new AI Group that reports directly to him and aims to accelerate the lender\u2019s AI transformation. He said RBC aims to deliver up to $1 billion in AI-driven enterprise value by 2027. <\/p>\n<p> Bank of Nova Scotia<\/p>\n<p>                         chief executive Scott Thompson on Tuesday said giving assistive AI tools to its employees allows them to use that in their day-to-day work, since there\u2019s a \u201cproductivity advantage.\u201d Its rollout of AI is taking place in a way that keeps the bank and clients safe, he said. <\/p>\n<p> But AI isn\u2019t the only technology getting promoted. <\/p>\n<p>                        Bank of Montreal<\/p>\n<p>                         on April 9 said it had opened the BMO Institute for Applied Artificial Intelligence &amp; Quantum to further help its use of AI and develop quantum computing capabilities for tasks such as putting together an optimized investor portfolio and aspects related to anti-money laundering processes. <\/p>\n<p> Quantum computing<\/p>\n<p>                         has the potential to solve complex problems that are beyond the limits of classical computers, but the technology is still mostly in the experimental stage. <\/p>\n<p> <em>\u2022 Email: nkarim@postmedia.com <\/em> <\/p>\n<ul class=\"related_links\">\n<li>The data centre next door: How Microsoft aims to feed AI&#8217;s soaring needs and be a good neighbour<\/li>\n<li>Andrew Chau: Fintechs are giving Canadians choices, but we still need more banking competition<\/li>\n<\/ul>\n<p><iframe loading=\"lazy\" title=\"Earnings season primed for double digit growth\" width=\"1080\" height=\"608\" src=\"https:\/\/www.youtube.com\/embed\/LmlfK6w1O4I?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><br \/>\n<\/iframe><br \/>\n<br \/>\n<br \/>AI helped CIBC save 1.2 million hours, cut mortgage approval times at TD, CEOs say<\/a><br \/>\n<br \/>2026-04-16 14:22:20<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Artificial Intelligence-driven tools helped the Canadian Imperial Bank of Commerce save 1.2 million hours of work in its first quarter and cut mortgage approval times at Toronto-Dominion Bank , say&#8230;<\/p>\n","protected":false},"author":2,"featured_media":72278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31],"tags":[],"class_list":{"0":"post-72277","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy"},"_links":{"self":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/72277","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/comments?post=72277"}],"version-history":[{"count":0,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/posts\/72277\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media\/72278"}],"wp:attachment":[{"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/media?parent=72277"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/categories?post=72277"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.pantheregroup.com\/api\/wp\/v2\/tags?post=72277"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}