Anniversary marks a decade of innovation in Canadian digital banking
TORONTO, Jan. 31, 2020 /CNW/ - Happy birthday, mobile banking! On Feb. 2, it will be 10 years since CIBC became the first major Canadian financial institution to offer a mobile banking app to clients. Since then, the way that Canadians bank has been revolutionized with the ability to pay bills, open an account, and even send money overseas with their smart phones.
"CIBC is proud to celebrate the tenth anniversary of the first mobile banking app in Canada, marking the first time Canadians could bank on the go anywhere using their smart phone," said Aayaz Pira, Senior Vice-President, Digital & Direct Banking, CIBC. "The digital landscape has drastically changed over the past decade with each innovation in mobile banking opening the door to the next one."
Since 2010, CIBC's mobile banking firsts in Canada include:
- 2011: the first mobile brokerage app is introduced, making it easier for clients to trade while on the go
- 2013: the first eDeposit and mobile business app for business owners becomes available, plus Android capabilities are introduced to clients
- 2014: the first remote deposit capture feature is launched with CIBC eDeposit
- 2015: the first banking app on the Apple Watch, as well as online and mobile Global Money Transfers is introduced
- 2016: the first digital account opening, allowing clients to scan their drivers' license and cheque to open a bank account
- 2017: after introducing Android Pay, CIBC becomes the first bank in Canada to offer all three leading mobile payment options, and in the same year CIBC was the first major Canadian bank to launch free mobile credit scores for clients through mobile banking
- 2019: CIBC is the first to offer clients the ability to replace a lost or stolen credit card through mobile or online banking and instantly use the new card with their mobile wallet before the physical card arrives
CIBC's mobile banking anniversary follows other recent digital enhancements including the ability to lock and unlock credit cards as well as real-time notifications when a credit card transaction is made, and the ability to instantly activate or replace a damaged card online or through mobile banking.
"It's been an exciting decade, with more innovation in the way Canadians bank than at any other time in history," said Mr. Pira. "We're committed to providing market-leading digital capabilities to make it easy for clients to bank when and where they want, and to help them achieve their ambitions," added Mr. Pira.
In 2019, CIBC was named North America's Best Consumer Digital Bank by Global Finance, earned the top spot in the J.D. Power Canada Credit Card Mobile App Satisfaction Study and was awarded highest overall score for mobile banking apps among Canada's largest retail banks by Forrester Research - The Forrester Banking Wave™: Canadian Mobile Apps Q2 Report.
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and Small Business Banking, Commercial Banking and Wealth Management, and Capital Markets businesses, CIBC offers a full range of advice, solutions and services through its leading digital banking network, and locations across Canada, in the United States and around the world. Ongoing news releases and more information about CIBC can be found at www.cibc.com/en/about-cibc/media-centre.html.