Retail and Business Banking provides personal and business clients across Canada with financial advice, products and services through a strong team of advisors and relationship managers, in our banking centres or through remote channels such as mobile advisors, telephone, online or mobile banking.

Our business strategy

We are focused on being the number one Retail and Business Bank in Canada in client experience and profitable revenue growth. To deliver on our objectives, our efforts are aligned to CIBC’s three strategic bank-wide priorities of client focus, innovation, and simplification.

2016 progress

In 2016, we made good progress on our strategy.

Enhancing the client experience

  • Improved our Net Promoter Score in 2016 for the second consecutive year, and have led our peers in improvement over the last four years.
  • Opened CIBC LiveLabs at MaRS, an innovation hub based in Toronto that allows us to work in partnership with business and technology teams to develop the next wave of banking innovations for our clients in a collaborative, cooperative lab environment.
  • Continued to identify key moments in client relationships and adjust processes to be simpler and more client centric. For example, our collections processes were enhanced to include more proactive solutions for clients experiencing financial challenges to help them manage cash flow and get back on track financially.
  • Earned the top score among the five largest Canadian banks for mobile banking for the third year in a row in Forrester Research’s annual Mobile Banking benchmark study.
  • Earned the top score among the five largest Canadian banks for online banking functionality for the second consecutive year in Forrester Research’s Online Banking benchmark study.
  • Ranked #1 for a second consecutive year by our advisors in Investment Executive magazine’s annual Report Card on Banks and Credit Unions.
  • Participated in a successful blockchain proof of concept, as part of our commitment to focus on innovative opportunities that may benefit clients in future years.
  • Delivered Apple Pay to our clients the first day it was available in Canada, giving our clients the flexibility to pay with their Apple device at their favourite retailers.
  • We were the first bank in Canada to bring Samsung Pay to our clients, providing them with another mobile payment option.

Accelerating profitable revenue growth

  • Continued to transform our physical banking centre network, adding iPads, Wi-Fi, and enhanced ATMs to a number of banking centre locations while creating a new, open concept that allows for more conversations about financial needs and goals with our clients.
  • Continued to invest in advice by converting service roles to advice roles, while leveraging digital channels for more day-to-day banking transactions from clients across our network.
  • Introduced the new CIBC Smart Account, a first-of-its-kind bank account with a flexible fee that is capped monthly, and that automatically adjusts with lower fees when clients’ banking needs are less.
  • Launched the innovative CIBC Smart Prepaid Visa Card, the first reloadable foreign currency prepaid card available through a major Canadian bank, delivering a more secure and convenient payment experience for clients while they are traveling.
  • Introduced Digital Account Open, allowing clients to open a new CIBC bank account entirely from their mobile device – supporting growth for CIBC and delivering on the needs of “digital first” clients who prefer to transact and meet their financial needs through their mobile device or online.
  • Launched the CIBC Hello Home app, developed at our CIBC LiveLabs innovation facility. The new app allows Canadians to apply for a mortgage end-to-end using only their mobile device, without needing to visit a banking centre.
  • Brought “one-click lending” to market in partnership with fintech lenders – Borrowell, for personal banking, and Thinking Capital, for small businesses, enabling qualified existing clients to be approved for a loan instantly and receive funds within one day – significantly faster and simpler than the current process across the industry.

Our focus for 2017

We are building a strong, innovative, relationship-oriented bank. To accelerate our transformation, we will deliver on our objective to be the best retail and business bank in Canada by maintaining a focus on:

  • Improving the client experience by making it easier for our clients to bank when, where, and how they want
  • Profitable revenue growth achieved by helping our clients grow and prosper through deeper relationships and advice