CIBC’s Digital Push to Outlast Covid-19, Extend Into Mortgages
- Personal bank head Dottori-Attanasio sees stable branch count
- Executive sees more work to improve mortgage business
CIBC has closed more than 100 banking centers in the last five years.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Canadian Imperial Bank of Commerce expects the massive shift to digital and virtual banking to continue after the coronavirus pandemic subsides and even extend into the crucial -- and often relationship-based -- mortgage business.
While routine transactions have been moving out of branches for years, the pandemic has accelerated the trend. CIBC has seen a 42% increase in digital transaction volume compared to two years ago, and about 92% of its transactions are performed digitally. It now has more than 3 million active mobile users, up 23%.