CIBC one of two banks to earn highest overall score in mobile banking benchmark

May 26, 2015, 12:35 ET from CIBC

TORONTO, May 26, 2015 /CNW/ - CIBC (TSX: CM) (NYSE: CM) today announced it is one of two banks to earn the highest overall score in the Forrester Research 2015 Canadian Mobile Banking Functionality Benchmark report. This marks the second straight year CIBC has received the top score in the benchmark report. CIBC also received the highest overall score among the five largest Canadian banks in Forrester's Online Banking Functionality Benchmark for 20141.

Forrester evaluated the mobile banking offerings of the five largest banks in Canada across 41 criteria to score the banks' mobile offerings. CIBC earned the top score of 75 along with one other bank. Some of the features for CIBC in this year's benchmark include:

  • Enhanced Security - the introduction of one-time pass codes to enhance security by allowing clients to reset passwords securely using their mobile device.
  • Improved Product Information - CIBC offers a range of calculators and product selectors and allows clients to compare products and services.
  • Ease of enrollment and login - As a growing number of Canadians exhibit mobile first or mobile only behaviour, CIBC allows clients to enroll and use mobile banking without having to register and signup for online banking first - one of only two banks in the study to offer this functionality.

"Our clients want the flexibility to bank when, where and how they want, and our continued investment in mobile banking speaks to our commitment to delivering the innovations our clients want from their bank," said David Williamson, Senior Executive Vice President and Group Head, Retail and Business Banking, CIBC. "Driving innovative technology as part of client relationships will be essential to building the bank of the future for our clients, and we believe this recognition from Forrester is another indication of our commitment to leading in this area."

Mobile Banking Outpacing Online Banking

Introduced in the 1990s, online banking is widely used by Canadians. However since CIBC's introduction of the first mobile banking app in 2010, mobile banking is now overtaking online banking in terms of popularity. In recent months, CIBC's mobile banking logins have surpassed online banking logins. In addition, clients have deposited over 3.8 million cheques through our eDeposit service which launched in 2013.

"Canadians have embraced the flexibility that comes with mobile banking, whether it's paying a bill waiting for your kids at a soccer game, or depositing a cheque without having to drive to your local branch," noted Mr. Williamson. "As the popularity of mobile devices continues to grow, CIBC will continue to innovate with new features and services to deliver banking that fits the lives of our clients."

The Forrester report on mobile banking is available here.

1"2014 Canadian Online Banking Functionality Benchmark", Forrester Research Inc., January 7, 2015

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