CIBC GoalPlanner™ makes it easier for clients to map a path to financial goals, track progress anytime and make changes along the way
TORONTO, Jan. 4, 2021 /CNW/ - CIBC's new digital financial goal planning tool and advice platform helps clients keep their ambitions on track following a year of unprecedented change and financial impact from COVID-19.
A recent CIBC study found that more than half (52 per cent) of Canadians negatively impacted by the pandemic say they don't have the advice and information they need to get their finances on track, making it more important than ever to leverage digital technology and person-to-person advice to help Canadians chart a path forward. And, 61 per cent of Canadians say that due to the pandemic, financial planning is more important than ever before.
CIBC GoalPlanner, a new tool available to CIBC Imperial Service clients, is generating strong positive client feedback by modernizing and simplifying the goal setting experience, enabling clients to digitally kick start their planning through CIBC Online Banking. Clients then work with their advisor to get the expert advice and insights needed to build their long-term plans, and can use CIBC GoalPlanner to track their progress anytime. Since its launch, CIBC advisors have helped clients create more than 10,000 personalized plans.
"People tend to have a 'set it and forget it' mindset when it comes to their financial goals, but we know that doesn't work, particularly amidst the changes brought on by the pandemic," said Laura Dottori-Attanasio, Group Head, Personal and Business Banking, CIBC. "CIBC GoalPlanner enables clients to map a plan with their advisor that evolves as their lives do. The platform allows clients to visually see their most important goals in a holistic plan, and benefit from insights and solutions for all stages of their lives. It provides our clients with the confidence they need that can and will achieve their goals."
The platform gives clients a full view of their finances and highlights opportunities, shortfalls and surpluses in areas such as cash flow, giving clients a clear understanding of their progress and what it takes to achieve their goals.
"We're receiving very positive feedback from clients on the combination of digital engagement and the personalized advice that you get when you have an advisor who truly knows you and understands your goals, whether that is buying a home, travelling again, growing your family, starting a new career or retiring," added Ms. Dottori-Attanasio.
CIBC GoalPlanner is one of a number of tools CIBC has launched that leverages digital capabilities to help clients do more with their finances, including:
- CIBC Smart Balance Alerts, which allows clients to stay on top of their finances through their mobile device, ensuring there are sufficient funds in their account to cover upcoming payments.
- CIBC Virtual Assistant, a conversational AI-based Virtual Assistant that can perform banking transactions and help answer questions about everyday banking.
CIBC Virtual Assistant will be launched on CIBC Mobile Banking later this year. CIBC will also be introducing a new feature on mobile that enables clients to easily track their spending and savings, spending by category and set spending limits.
From November 26th to November 29th 2020 an online survey of 3,028 randomly selected Canadian adults who are Maru Voice Canada panelists was executed by Maru/Blue. For comparison purposes, a probability sample of this size has an estimated margin of error (which measures sampling variability) of +/- 2.5%, 19 times out of 20. The results have been weighted by education, age, gender and region (and in Quebec, language) to match the population, according to Census data. This is to ensure the sample is representative of the entire adult population of Canada. Discrepancies in or between totals are due to rounding.
CIBC is a leading Canadian-based global financial institution with 10 million personal banking, business, public sector and institutional clients. Across Personal and 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.