Exclusive partnership leverages innovative technology for real-time loan adjudication and next day funding
TORONTO, Oct. 27, 2016 /CNW/ - In a move that changes the traditional process for applying for a loan, CIBC (TSX: CM) (NYSE: CM) announced today it is partnering with Borrowell to offer "one-click" online lending for clients. A first in Canada, the new partnership allows CIBC to leverage the fintech's unique technology and underwriting approach to adjudicate loans for existing clients online in real time, with funds typically issued the next business day directly into a client's CIBC account.
"CIBC's partnership with Borrowell to deliver a digital borrowing experience to clients is a first from a major Canadian bank," says David Williamson, Group Head of Retail and Business Banking, CIBC. "By leveraging innovative technology, we are taking a process that is often viewed as slow and cumbersome for clients and making it much faster and more convenient."
The initiative is launching with loan offers to select CIBC clients. The technology allows clients to apply for a loan of up to $35K using a simplified application process, with the ability to securely upload documents online for verification. Future plans to extend the borrowing platform to a wider client base will be based on client experience feedback and input from this first phase.
"Canadians expect technology to make experiences faster and more customer-friendly, from booking travel to online shopping," says Andrew Graham, CEO of Borrowell. "In the past few years, we've seen Canadians embrace our fast, fair and friendly approach to personal loans. We're excited to be partnering with CIBC to bring this experience to more Canadians."
"By adopting this forward thinking approach, we are delivering on our commitment to being a strong, innovative, relationship oriented bank and ensuring we meet the needs of clients today and in the future," says Mr. Williamson. "Taking this step is a good example of disrupting a traditional banking process and leveraging technology to make the experience significantly better for clients."
CIBC fast tracking with fintechs
Today's announcement is the latest in a series of partnerships forged by CIBC to deliver innovations to clients, including the recently expanded Global Money Transfer which allows clients to send international remittances with no up-front transfer fees, and the bank's agreement with Thinking Capital to accelerate lending in the small business market.
"Our partnership with Borrowell is based on our shared view that the process for borrowing money for personal banking clients could be improved in the digital age, while retaining all of the prudent risk management criteria you would expect from a major bank," adds Mr. Williamson.
Borrowell is a Canadian fintech lender that offers fast, fair, and friendly personal loans and free access to credit scores. Its affordable, fixed-interest loans give Canadians a smarter way to access credit. A wholly online application process instantly provides personalized loan options to Canadians with good credit who want better alternatives. More information about Borrowell can be found at www.borrowell.com or on Twitter @Borrowell.
CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada with offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/ca/media-centre/ or by following on Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.