CIBC has launched a new digital account opening allowing business owners to gain access through their mobile or tablet.
The new offering eliminates the need to scan and upload lengthy documentation. Additionally, it allows existing clients to pre-populate large portions of the application by logging in with existing online banking credentials.
Andrew Turnbull, SVP, Business Banking, CIBC, said: “CIBC has radically simplified the account opening experience, giving business owners valuable time back to focus on their customers and business objectives.
“By combining market-leading digital solutions with CIBC’s national network of relationship-based business advisory services, we have elevated our investment in support of a vibrant, entrepreneurial Canadian business community.”
Entrepreneurs will be able to access CIBC Operating Accounts and customise their CIBC SmartBanking for Business without visiting a branch.
Turnball added: “When pairing CIBC’s market-leading business account packages and digital account open, together with our insights-focused CIBC SmartBanking for Business platform offering cloud accounting and payroll integration, and nationwide business advisory services, CIBC provides the most comprehensive and differentiated banking solution for business owners in Canada.”
Last month, CIBC announced it would support $150bn in environmental and sustainable finance activities by 2027. The aim of this was to help make Canada and North America global leaders in environmental stewardship and sustainability.
Furthermore, earlier this year the Canadian bank unveiled a new online banking platform to boost efficiency for business clients. The platform allows integrated banking, accounting and payrolls all in one benefiting SMEs.
It also partnered with the National Australian Bank (NAB) and Israel’s Bank Lenumi to launch an online portal. The portal encourages collaboration with fintechs.
At the beginning of the year, CIBC Asset Management launched CIBC Smart Investment Solutions to target the retail banking segment. The aim was to offer a modern approach to investing while considering client goals, life stage and risk profile.