TORONTO, Aug. 8, 2022
/CNW/ - Today CIBC (TSX: CM) (NYSE: CM) announced a data
access agreement with MX to enhance the CIBC client experience
through secure data sharing, providing clients with a safe and
seamless way to share their financial information. By using
application program interface (API) technology, CIBC's 11 million
clients will no longer need to share their banking login ID and
password to connect their banking information with third-party
fintech applications that partner with MX, such as personal
financial management, budget tracking, and credit-building tools.
This collaboration with MX reflects CIBC's commitment to innovation
and will enable modern, digital client experiences.
Some CIBC clients use third-party applications to help them take
a complete view of their finances and can help with budgeting and
planning, but bringing account data together from multiple
financial services providers for review isn't always easy. This
agreement with MX will provide a simple and secure way for clients
to access the financial information they need, giving them greater
control over their finances.
"Our clients are increasingly managing their banking and
finances via digital channels and tools, and we're committed to
supporting them with secure and convenient experiences," said
Chris Sweetland, Senior
Vice-President, Payments Strategy & Transformation, CIBC. "By
providing clients with the ability to securely and reliably share
their financial data with the tools and apps they prefer, CIBC is
supporting them to make more informed decisions about their
finances, so they can achieve their ambitions."
As members of FDX, a nonprofit organization dedicated to uniting
the financial industry around a common, flexible, interoperable
standard for the secure access of user-permissioned financial data,
CIBC and MX are committed to building safe and secure access to
financial information that supports and empowers clients.
"We're pleased to announce today's agreement, which represents
an expansion of our work to build meaningful experiences for CIBC
clients," said Jane Barratt, Chief
Advocacy Officer, MX. "This agreement will result in more direct
API connections, which provides millions of Canadians greater
control of their financial data to decide who they share their data
with and for what purposes, which benefits both clients and
This agreement with MX demonstrates CIBC's continued investment
in digital banking capabilities and seamless client experiences
through partnerships and new technologies, to meet the needs of
clients today, and in the future.
CIBC recently received the highest rank in overall customer
satisfaction for online banking among Canada's Big Five banks, according to the J.D.
Power 2022 Canada Online Banking Satisfaction Study. CIBC clients
have access to a number of digital tools and features to support
their everyday online banking experiences, including:
- CIBC Insights, which offers clients personalized, data-driven
recommendations based on their financial transactions, via the CIBC
Mobile Banking App;
- CIBC's new Interac e-Transfer® feature that enables
clients to set up recurring or future-dated Interac e-Transfer
- CIBC's AI-based Virtual Assistant, which can help clients
perform banking transactions and answer questions about everyday
- CIBC's Digital ID Verification, which offers fast, easy and
secure onboarding for new CIBC clients through the CIBC website or
mobile banking app; and,
- CIBC's instant digital card replacement, available to most
clients holding a CIBC personal or business credit card, which in
the event their card is lost or stolen, allows clients to get
immediate access to a replacement card which can be used with Apple
Pay or Google Pay.
CIBC is a leading North American financial institution with 13
million personal banking, business, public sector and institutional
clients. Across Personal and Small Business Banking, Commercial
Banking and Wealth Management, and Capital Markets businesses, CIBC
offers a full range of advice, solutions and services through its
leading digital banking network, and locations
across Canada, in the United States and around the
world. Ongoing news releases and more information about CIBC can be
found at www.cibc.com/ca/media-centre.