CIBC celebrates 40 years since the introduction of the first ABM in
TORONTO, Oct. 5 /CNW/ - This fall, CIBC celebrates the 40th anniversary of the CIBC Instant Teller, Canada's first bank machine. The introduction of the automated bank machine (ABM) in Canada by CIBC revolutionized the ways Canadians bank by giving them the first option to bank outside of normal banking hours.
"In keeping with our history of bringing innovative products and services to Canadians, CIBC is proud to have been the first bank in Canada to introduce clients to a whole new way of banking," says Christina Kramer, Executive Vice-President for CIBC Retail Markets. "Over four decades we've made significant investments in improving the technology, accessibility and capabilities of our ABMs to enhance the client experience. Our ABM network is one the largest in Canada with over 3,800 ABMS across the country, ensuring you're never far from a CIBC machine when you need one."
On December 1, 1969, CIBC introduced clients to the first ABM, known as the "24-hour cash dispenser," activated by a key that allowed clients to withdraw $30 at a time. Forty years and several technological improvements later, clients can access a broad range of transaction capabilities. CIBC ABMs process on average 40 transactions per second during peak periods or eight transactions per second on an average day.
"The introduction of the CIBC cash dispenser in Canada in 1969 dramatically changed the way Canadians bank by giving them an alternative to banking in branches," says Kramer. "Now, 40 years later, the majority of CIBC clients are multi-channel users and access their accounts in any combination of ways ranging from our extensive branch and ABM networks to 24/7 banking online or by phone when it suits them."
Today, CIBC continues to invest in upgrading and replacing its ABM network with enhanced technology and the most advanced privacy and security features as part of a multi-year initiative first announced in 2008. This new generation of ABMs is faster, more energy-efficient and fully accessible, including audio and wheelchair height access.
"Whether clients choose to get quick cash from an ABM or sit down with a professional advisor to discuss their financial goals, CIBC provides Canadians with a wide-range of banking options and an outstanding banking experience through every channel."
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
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