Summary

Canadian Imperial Bank of Commerce (CIBC) is a provider of personal, small business, and commercial and corporate banking solutions. Under personal banking it offers accounts, overdrafts, credit cards, loans, mortgages, investments, retirement planning, travel and creditor insurance, advisory, and other supporting solutions. Under small business banking it provides cash management, merchant services, accounts, credit, specialty services, corresponding banking, trade finance, and foreign exchange. The commercial and corporate banking segment provides business solutions, global investment banking and management, and custody services. It serves individuals, SMEs, corporates, HNW and UHNW individuals, and wealthy families. It has operations in Europe, Asia Pacific, North America, and the Caribbean.

Launched in January 2018, CIBC Innovation Banking is an innovation unit that provides customized advice, funding, and technology to companies in North America. The unit helps startups scale their business by providing access to expertise from CIBC’s commercial banking and capital markets business units. CIBC Innovation Banking helps tech startups grow their business by offering financing solutions across cash management, deposit, personal wealth, and capital markets.

In May 2017, CIBC launched its Data Studio at the Communitech Data Hub in Waterloo, Ontario. The lab acts as an innovation hub that connects CIBC data scientists with local students and technology partners, in order to explore emerging technologies and foster innovation.

Launched in June 2016, CIBC Live Labs is a digital hub focused on building innovative tech solutions for CIBC customers. It will operate alongside MaRS Fintech, a community of innovation that connects financial institutions with startups in order to exchange ideas and develop solutions that address challenges faced by core banking services. In July 2017, CIBC launched CIBC Live Lounge as an addition to CIBC Live Labs, focusing on the development of next-generation banking solutions. Live Lounge also acts as an open space for hackathons, thinktanks, and conferences.

This report provides insight into CIBC’s fintech activities, including its digital transformation strategies, accelerator programs, technology initiatives, estimated ICT budget, and major ICT contracts.


Scope

  • CIBC is focusing on simplifying banking through innovative products and services offered via digital channels. It has launched various initiatives to streamline banking processes through digitization and automation. These include remote cheque deposits for mobile devices, leveraging AI for customer interactions, and utilizing the cloud to accelerate the delivery of new products and services.
  • In 2020, CIBC launched a conversational AI-powered virtual assistant that is accessible from its online and mobile banking platform and assists with day-to-day banking by enabling frictionless, 24/7 customer interactions.
  • CIBC has partnered with several financial institutions to establish R3, a distributed ledger technology platform, and explore the potential use cases of blockchain. CIBC also co-launched DataVault Innovations, which offers analytical data for the fixed-income and derivatives market.
  • CIBC utilizes AI-powered tools to identify discrepancies in usual spending patterns and analyze transaction history. Based on real-time analysis of individuals’ spending patterns, CIBC offers personalized tips for improving financial health. In 2021, CIBC introduced a new Insights feature into its existing mobile banking application to help customers with money management recommendations.




Reasons To Buy

  • Gain insights into CIBC’s fintech operations.
  • Gain insights into its fintech strategies and innovation initiatives.
  • Gain insights into its technology themes under focus.
  • Gain insights into its various product launches, partnerships, and investments strategies.