Financial planning software companies Snap Projections, Conquest Planning and Voyant are incorporating FP Canada’s project assumption guidelines for financial projections, according to a release from the industry association.
The guidelines set assumptions for several important variables for long-term financial planning. For example, the 2025 guidelines assume an inflation rate of 2.1% and Canadian equities growth at 6.6% per year. The guidelines are updated annually.
“These software providers are supporting financial planners in providing clients with sound recommendations and advice to achieve long-term financial well-being.” Damienne Lebrun-Reid, general counsel and head of the FP Canada’s standards council, said in a release.
CIBC’s in-house AI goes bank-wide
CIBC launched its in-house generative AI platform, CIBC AI, bank-wide on May 27, it announced.
The platform was launched as a pilot in July 2024 and has saved employees in Canada, the U.S. and the U.K. an estimated 200,000 hours by automating common tasks like summarizing documents, drafting emails and compiling research, CIBC said in a release.
Employees are required to complete a mandatory AI training course to access CIBC AI. The training helps employees understand what it means to have AI to support their day-to-day roles, find opportunities to apply the technology and implement it safely, David Gillespie, CIBC’s executive vice-president of infrastructure, architecture and modernization, said in an interview in April.
CIBC was the first major Canadian bank to sign the government of Canada’s Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems in March.
Bloomberg implements AI chatbot
Bloomberg has implemented Instant Bloomberg Connect, an AI chatbot as an add-on service for Bloomberg Anywhere customers. It can bring in-house proprietary bots to Instant Bloomberg chat rooms with multiple firms.
Users can build their bots to automatically reveal information relevant to them and share it with other firms in their Instant Bloomberg communications. Instant Bloomberg helps terminal users connect with the financial markets and each other in real time.
The information could include status updates from order management systems, market reports from research content management platforms and trade ideas from client relationship management software. Users can get information by directing a question to the bot without leaving the discussions.