CIBC leads in online banking functionality for second consecutive year

Independent research firm recognizes CIBC online banking for most useful and well-integrated digital money management features among Canadian banks reviewed

TORONTO, Feb. 11, 2016 /CNW/ - CIBC (TSX: CM) (NYSE: CM CIBC) continues to lead for online banking functionality among the big five Canadian banks according to Forrester Research Inc.'s 2015 Canadian Online Banking Functionality Benchmark.

This follows CIBC's top ranking in Forrester's 2014 Canadian Online Banking Functionality Benchmark report, as well as CIBC's tie for the lead in Forrester's 2015 Canadian Mobile Banking Functionality Benchmark.

In their most recent report, Forrester evaluated the online banking functionality of the five largest retail banks in Canada across 50 criteria.

Findings from the report for CIBC in online banking included:

  • The highest score for security and privacy, with clearly written security policies and extensive fraud education.
  • Valuable home page content and features, such as a visualization of the client's changing net worth.
  • The most useful and well-integrated digital money management features among the evaluated banks.

"Online banking is a core element in helping clients to bank when, where and how they like," says David Williamson, Senior Executive Vice President and Group Head, Retail and Business Banking, CIBC. "This form of modern convenience is part of delivering on our brand promise of providing banking that fits your life." 

CIBC offers clients a complete, real-time view of their finances to help them to better understand how they are doing with accurate spending categorizations, offer digital advice, and make it easy to take recommended actions. According to Forrester, CIBC offers clients the most useful and well-integrated digital money management features among the Canadian banks they reviewed, and is well ahead in integrating money management into everyday task flows.

CIBC continues to lead in retail banking innovation

CIBC clients have been the first in Canada to benefit from a number of innovations in retail banking. Among the most recent are:

  • First of the big five banks to launch the Apple Watch App in 2015.
  • First Canadian bank to participate in suretap™ open mobile wallet in 2015.
  • First of the big five banks to offer eDeposit for cheques in 2013.

"We have a history of innovation at CIBC, and we will continue to focus on developing innovative products and services that ensure we provide convenient banking that fits the day to day needs of our clients," adds Mr. Williamson.

About CIBC

CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, banking centres and offices across Canada with 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: Caroline van Hasselt, Director, External Communications, at 416-784-6699 or Caroline.VanHasselt@cibc.com

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