CIBC Caribbean Bank Limited is preparing to roll out artificial intelligence-driven lending solutions in Jamaica, automating credit decisions for unsecured loans and credit cards as part of a broader push to transform its operations through data and digital technology.

“So you will see us launch in Jamaica soon, solutions that will offer our clients personalised loans and credit cards that are going to be fully driven by AI,” Chief Information Officer Esan Peters said at the bank’s 32nd annual meeting in Barbados.

“This is where we are looking — using machine learning to automate the decision making processes for several of those products in the unsecured portfolio,” he added.

The move is part of a wider digitisation strategy that has already delivered digital onboarding, enhancements to the bank’s online platform, and a digital loan store that disbursed US$45 million in 2025.

CIBC said about 80 per cent of its clients across its 10 Caribbean markets now engage with digital channels, with 95 per cent of all transactions conducted electronically — trends that are underpinning its increased investment in automation and data-driven services.

Peters said the AI push will allow manual, error-prone, and time-consuming processes to be automated end to end, while also improving staff productivity through internal tools such as its CIBC AI platform.

“We view data and AI as the platform in which this bank will experience great growth… turning our bank into a more intelligent bank,” he said.

Beyond lending, the bank is expanding its payments ecosystem, with a new merchant-acquiring platform set to be rolled out in Jamaica in the coming months.

“We are currently rolling out a brand new merchant-acquiring platform and we expect Jamaica to be on that platform in the next couple of months,” Chief Commercial Officer Pim van der Burg said.

The platform will broaden the bank’s point-of-sale (POS) offerings, including the introduction of mobile POS solutions that will allow merchants to use their smartphones as secure payment terminals. Currently, only National Commercial Bank Jamaica Limited offers a mobile POS product locally.

CIBC is developing the mobile POS solution in partnership with Fygaro and expects to launch it later this year, alongside its recently introduced digital onboarding for business banking clients which has already attracted 7,000 new accounts across five markets.

The expansion of its business banking and digital services comes as the bank positions Jamaica as a key growth market within its regional operations.

CIBC Caribbean CEO Mark St Hill said Jamaica is expected to become the group’s fourth-largest revenue earner, overtaking the Turks and Caicos Islands.

“In terms of our overall view of the Jamaican market, we continue to be very pleased… we expect the Jamaica operations to outpace in 2026,” he said.

However, the expansion comes against a backdrop of weaker earnings. For the October 2025 financial year, profit before tax fell two-thirds to $238.49 million while net profit declined 88 per cent to $45.91 million, reflecting higher provisions, operating costs, and a one-off severance charge.

Despite this, the bank’s asset base grew 10 per cent to $201.37 billion, with capital levels remaining well above regulatory requirements.

Management also noted that credit demand in western Jamaica has softened following Hurricane Melissa, although lending activity is expected to rebound as rebuilding efforts accelerate.

“We have seen a reduction in credit demand in the west… but typically a year after hurricanes, demand picks up significantly as rebuilding begins,” van der Burg said.

ST HILL…in terms of our overall view of the Jamaican market, we continue to be very pleased (Photo: Garfield Robinson)