CIBC’s mobile banking app recently turned 10 years old, notably marking a decade since the institution became the first large Canadian financial institution to provide an innovative mobile banking app to customers.
In a February 2 press release, CIBC reflected on the key milestones the app has achieved during the ten years since its launch. The release noted that the way Canadian residents bank has dramatically changed in the past decade. For instance, Canadian citizens are now able to make bill payments, open new accounts and send funds abroad with their smartphones.
Aayaz Pira, CIBC’s senior VP of digital and direct banking, stated:
“CIBC is proud to celebrate the tenth anniversary of the first mobile banking app in Canada, marking the first time Canadians could bank on the go anywhere using their smartphone.”
CIBC’s management shared a list of the major updates it has made to its mobile banking app since its release.
- 2011: Launched the first mobile brokerage app, which made it more convenient for customers to trade “on the go.”
- 2013: Launched first electronic deposit and mobile business app for businesses, began offering Android capabilities to customers.
- 2014: Introduced first ever remote deposit capture feature with CIBC electronic deposit.
- 2015: Introduced first ever banking app on Apple Watch, launched digital and mobile Global Money Transfer.
- 2016: First ever fully digital account opening, allows customers to scan their drivers’ license and cheque to open a new bank account.
- 2017: Launched Android Pay, which notably made CIBC the first Canadian banking institution to offer support for all three major mobile payment platforms. Also introduced free mobile credit scores for customers.
- 2019: CIBC was the first Canadian bank to allow clients to instantly replace a lost or stolen credit card via mobile or digital banking and also use the new card with their mobile wallet before the physical card has been shipped.
CIBC has also introduced the ability to lock and unlock credit cards, real-time notifications each time a customer performs a credit transaction, and the ability to immediately activate or replace a damaged or stolen card online or via online banking.