CIBC launches new digital banking platform
Written by Chris Lemmon
Canadian bank CIBC has ended a 20-year partnership with grocery retail operator Loblow Companies to launch a new digital banking brand for online and mobile customers.
Named Simplii Financial, the new brand will replace the President’s Choice financial banking products on 1 November 2017. Clients can continue to use their bank accounts without interruption, and will keep the same account numbers, registered bill payments, preauthorised debits or automatic payroll deposits.
Mike Boluch, executive vice president of direct banking, innovation and payments at CIBC, said: “This is an exciting step as we continue to build a leading client-focused direct banking offer. Simplii will deliver straightforward, no-fee everyday banking and great rates for the growing number of Canadians who prefer to do their banking by telephone, online, or through mobile and other digital channels. For CIBC, innovating and adapting to our clients' needs is part of our DNA.”
The shift is expected to cost around $79 million, while some compensation will also have to be provided to President’s Financial.