CIBC Ranked Top Canadian Bank for Mobile Banking

TORONTO, May 28, 2014 /CNW/ - CIBC (TSX: CM) (NYSE: CM) announced today that Forrester Research, Inc. released their 2014 Canadian Mobile Banking Functionality Benchmark report, with CIBC receiving the top overall ranking for mobile banking functionality in Canada among the big 5 banks evaluated.

Forrester evaluated the mobile banking offerings of the five largest retail banks in Canada across more than 35 criteria, and CIBC was cited for best-in-class transactional features, such as:

  • easy to use account management features, including CIBC eDeposit which allows clients to deposit a cheque simply by taking a picture of it with their smartphone
  • breadth of devices and platforms supported
  • the ability for clients to easily navigate to other channels for additional assistance, giving them the option to contact a CIBC representative by phone or email as needed
  • and, best in class features such as a wide range of mobile alerts for clients to stay connected to their finances, and stay on track towards their financial goals

"CIBC was first to market with a mobile banking app in 2010 and we've been innovating to meet client needs through their mobile device ever since," said David Williamson, Senior Executive Vice President and Group Head, Retail and Business Banking, CIBC. "We believe this recognition from Forrester speaks to our commitment to ensure our clients can bank where, when, and how they want."

Mobile Financial Services are Growing in Canada

Canadians have embraced mobile banking and it now forms an important part of a client's overall experience with their bank. CIBC notes that the adoption rate for mobile banking has exceeded that of online banking in the 1990s, an indication of the popularity of banking on the go.

This strong growth is driven by two factors - the rapid adoption of smartphones among Canadians, and the growing demand for flexible banking solutions.

"Canadians want increased flexibility and convenience in their banking, to save time and stay on top of their finances," said Mr. Williamson. "CIBC clients have enjoyed being the first in Canada to benefit from banking and payments innovations, and we will continue to invest in building the services that meet the changing needs of our clients and Canadians going forward."

Mobile banking's growing popularity is part of a broader trend in mobile financial services. Following the introduction of the first mobile banking app in Canada in 2010, CIBC launched a first of its kind mobile payment app in 2012, allowing Canadians to make a credit card payment at their favourite retailer simply by waving their smartphone at a contactless payment terminal when checking out. Last year, CIBC was first among the big five Canadian banks to deliver eDeposit allowing clients to deposit cheques using the camera on their smartphone, a significant enhancement to the client experience. More recently, CIBC was the first bank in Canada to bring eDeposit to business banking clients who receive a larger volume of cheques. These clients use a special desktop scanner to securely scan and upload images of cheques for deposit, giving businesses faster access to their working capital to meet outgoing cash flow needs.

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website at www.cibc.com.

SOURCE CIBC

For further information:

Kevin Dove, Head of External Communications, CIBC, 416-980-8835, kevin.dove@cibc.ca