CIBC to launch its own online banking product

Thursday 17 August 2017 00:07 CET | News

The Canadian Imperial Bank of Commerce (CIBC) is launching its own online banking programme, giving up its 20-year partnership with PC Financial.

Following the trend towards the digitalization of financial services, the bank has decided to launch its Simplii Financial brand. Two million current PC Financial savings, chequing, and mortgage accounts will be switched to the new service starting with November 2017.

The bank assured customers that the transition to the new system will be as smooth as possible and there won’t be any changes to their account numbers, mortgage terms or automatic payments and deposits.

Simplii customers will still have free access to CIBCs ATM network, but wont be able to bank through its branches, while CIBC and Loblaw will start in November to phase out their banking machines and pavilions in Loblaws stores.

Loblaw said it will focus on its PC Points loyalty program and its line of PC Financial MasterCard credit cards.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: CIBC, bank, Canada, online banking, mobile banking, Simplii Financial
Categories: Banking & Fintech | Online & Mobile Banking
Countries: World
This article is part of category

Banking & Fintech