Competitor Profile: Canadian Imperial Bank of Commerce

Competitor Profile: Canadian Imperial Bank of Commerce

Summary

CIBC offers a wide range of banking and financial services through its strategic business units. It has launched several in-house innovation hubs, invested in fintech companies, and signed partnerships with technology providers as part of its digital transformation strategy.

The bank has also helped to establish various innovation hubs by connecting with fintech companies. It has mostly invested in and partnered with companies that enable it to optimize operational procedures and costs for itself and its business clients. It has also looked to facilitate more secure banking services for its individual customers.

CIBC is strengthening its focus on the use of innovative technologies to enhance its digital banking capabilities. Cloud computing, AI, blockchain, cybersecurity, mobile, big data, e-commerce, and the office of the future are the company’s key technologies under focus.

This report provides an overview of Canadian Imperial Bank of Commerce's (CIBC's) fintech activities, including insight into its digital transformation strategies; an overview of its technology initiatives; insight into each technology initiative; and details of its estimated ICT budget.

Scope

• Since 2016, CIBC has launched the CIBC Innovation Banking, CIBC Data Studio, and CIBC Live Labs innovation hubs.


• CIBC has entered into partnerships with various fintech startups and technology developers. These have enabled it to provide customer-centric solutions including mortgage applications, chatbot-based conversational platforms, contactless payments, and security-based identity and authentication solutions.


• In 2018, the CIBC Innovation Banking unit invested in Chatkit, a developer of AI-based chatbots, in order to help companies grow their business by engaging customers with brands through its messaging channel.


• CIBC also developed several digital solutions in order to provide convenient access to its banking services. These include digital bank Simplii Financial, online mortgage app Hello Home, and digital assistant Remi.

Reasons to Buy

• Gain insight into CIBC’s fintech operations.


• Identify its fintech strategies and investments portfolio.


• Learn about the technology themes under focus for CIBC.


• Explore the group's various product launches and partnership strategies.