Tag: CIBC

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Mobile Syrup

CIBC ranked first in Insider Intelligence Canada Mobile Banking Emerging Features Benchmark 2023

CIBC has announced that its mobile banking app ranked #1 in the Insider Intelligence Canada Mobile Banking Emerging Features Benchmark 2023.

The financial institution was recognized for its strengths in customer service, supported by its Virtual Assistant Chatbot, Global Search function, live chat feature and availability of personal banker contact information.

Additionally, CIBC was praised for its transfers, supported by future-dated e-Transfer and foreign currency order capabilities.

The study in which the corporation topped ranks Canada’s seven largest financial institutions by assets according to their mobile banking capabilities. This is done by assessing their mobile features as well as surveying Canadian consumers to determine which mobile banking features are most important.

CIBC offers multiple tools to support customers’ mobile banking experiences such as CIBC Insights, CIBC Smart Planner, CIBC’s Digital ID Verification and even an AI-based Virtual Assistant.

The CIBC mobile app can be downloaded for free on Android and iOS.

Source: CIBC Via: Newswire

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Mobile Syrup

Canadians are unhappy with digital banking experiences, studies show

A collection of recent studies from J.D. Power concludes Canadians aren’t satisfied with the digital experiences their banks and credit card companies provide.

Increased financial stress on consumers and a “lack of personalization” from digital avenues have decreased customer satisfaction year-over-year.

The outlet found financial health is a significant issue for Canadians; 29 percent of Canadian credit card users say they are “financially vulnerable,” and 11 percent say they’re “overextended.”

J.D. Power further found that 65 percent of banking customers have a personal relationship with their financial institution. But this figure falls to 50 percent when talking about customers who feel the same personalization through digital channels.

The figures illustrate financial institutions are failing to offer digital experiences personalized to customer needs.

The one positive the studies revealed is that spending and budgeting tools are features customers are satisfied with. However, utilization sits at 32 percent.

“Customer expectations for a truly standout digital experience have grown considerably during the past few years, and Canadian banks and credit card issuers are not keeping pace,” Jennifer White, senior consultant for banking and payment intelligence at J.D. Power, said.

“With the exception of a few outliers, most bank and credit card mobile apps and websites that J.D. Power evaluated have lost ground year over year. It is evident that malaise is being driven not only by increased customer demand for support, but also by financial stress and a lack of personalization.”

J.D. Power based the results on 8,267 responses from retail bank and credit card customers across the country. Responses were collected between February and April 2022.

Rankings

Regarding specific banks, RBC Royal Bank took first with mobile app satisfaction. TD Canada Trust was second and Scotiabank third.

Tangerine bank has the highest credit card mobile app satisfaction, followed by RBC and Scotiabank.

For online banking satisfaction, CIBC ranked first, Scotiabank second, and RBC third. CIBC is also first when examining online credit card satisfaction. Tangerine Bank ranks second, and RBC Royal Bank is third.

Image credit: Shutterstock

Source: J.D. Power

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Mobile Syrup

CIBC to enable future-dated and recurring Interac e-Transfer transactions

CIBC is rolling out a new Interac e-Transfer to enable its clients to set up recurring or future-dated payments. The new feature is accessible through a CIBC Online Banking or CIBC Mobile Banking account.

As part of the new feature, CIBC clients can schedule Interac e-Transfer transactions up to five years in the future. CIBC is the first of the five major Canadian banking institutions to support such a feature.

Clients can schedule weekly, bi-weekly, monthly, quarterly, bi-annually, and annually payments. Additionally, the rollout of this feature includes the ability to view upcoming, successful and unsuccessful transactions. Clients are also able to cancel upcoming payments if and when they choose to do so. Finally, CIBC clients can manage alerts for both successful and unsuccessful payments.

“Enabling future-dated and recurring Interac e-Transfer transactions will allow our clients to put their payments on autopilot, saving time and avoiding the frustration of a missed payment,” said Chris Sweetland, Senior Vice-President, Payments Strategy and Transformation. “Clients will no longer need to remember to write cheques or send money for regular payments such as rent or recurring services like babysitting or cleaning.”

CIBC claims recent data shows approximately 20 percent of current Interac e-Transfer transactions are recurring. Additionally, roughly 56 percent of surveyed clients indicate the ability to schedule a transaction would be useful.

Finally, William Keliehor, the chief commercial officer of Interac Corp., says that over 2.5 million e-Transfer interactions are made on average each day to send and receive money. “We have seen the positive impact enhancements like recurring transactions can have on managing personal finances.”

It will be interesting to see which of the next Candian banks follow suit and begin supporting similar features.

Image credit: CIBC

Source: CIBC

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Mobile Syrup

CIBC commits millions of dollars to promote climate action in tech

Banking giant CIBC is committing $100 million in investments towards low carbon and climate tech, which will help create new climate innovations.

The funds are being allocated through Limited Partnership investments, which focus on partnering with other corporations.

“With new and intensifying environmental challenges, we believe our bank has an important role to play in supporting the acceleration of climate action through innovation across North America,” Harry Culham, group head of CIBC Capital Markets, said in a statement. “These investments are another way we’re driving growth into new areas of the economy while helping to foster long-term sustainability.”

Specific details of what the investment will look like aren’t available at this time, according to a press release regarding the announcement.

Image credit: CIBC

Source: CIBC

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Mobile Syrup

CIBC mobile banking app best in Canada: report

Toronto Ontario/Canada October 8 2019: Canadian Imperial Bank of Commerce CIBC logo on the wall of Commerce Court in the Toronto financial district

Looking for the best mobile banking app in Canada?

According to the 2021 Forrester Digital Experience Review, users don’t have to look further than CIBC’s mobile app.

The app was tested on 60 separate criteria and received top markers in user experience and functionality.

Self-service features and assisted-service features were key for functionality and the app’s offering of universal search, credit score monitoring, and valuable alerts held up the user experience category.

This isn’t the first time the bank has been honoured. In the past eight years, CIBC has placed, or tied, for first place seven times.

“We continue to lead the way in delivering a robust mobile banking experience for our clients by evolving our app to offer an innovative, feature-rich, and radically simple user experience to help them realize their ambitions,” David Attard, a vice president at CIBC, said in a statement.

Image credit: ShutterStock

Source: CIBC