CIBC celebrates four decades of convenience with the machine that revolutionized the way Canadians bank
TORONTO, Dec. 1 /CNW/ - Today, Canada's first automated bank machine (ABM), the CIBC Instant Teller(TM) turns forty years old. First introduced by CIBC in 1969, the original ABM model, known as the "24-hour cash dispenser," was activated by a key and allowed clients to withdraw packets of $30 at a time, presenting Canadians with the first alternative to access their money outside of normal branch hours.
"We're proud to celebrate a true milestone in the evolution of Canadian banking. The CIBC Instant Teller helped revolutionize the industry, introducing clients to unprecedented access and a whole new channel," says Christina Kramer, Executive Vice-President for CIBC Retail Markets. "Today, we have one of the largest ABM networks in Canada and continue to invest in improving the technology, accessibility and transaction capabilities of our ABMs to enhance the client experience."
As part of a multi-year initiative to upgrade and replace its ABM network, CIBC's new generation of ABMs offer advanced privacy and security features and are faster, more energy-efficient and fully accessible, including audio and wheelchair height access. With more than 3,800 machines across the country, CIBC ABMs process on average 40 transactions per second during peak periods.
"While the convenience of the ABM has made it the most popular way for CIBC clients to bank with us, the majority of our clients are multi-channel users and also take full advantage of our extensive branch network and 24/7 banking online or by phone in any combination of ways," adds Kramer. "We know that our clients appreciate choice so we strive to provide an outstanding banking experience at every point of access."
In September 2009, CIBC launched another first for the CIBC Instant Teller(TM) as machines began accepting China Unionpay cards through the INTERAC network, allowing China Unionpay cardholders to access their accounts overseas.
To learn more about the evolution of the ABM as CIBC celebrates 40 years of convenience, please click here.
CIBC (CM: TSX;NYSE) 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, in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.
Editor's note: CIBC can provide a range of archival photos and more detailed historical information about the evolution of the ABM upon request.
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