Driving Digital Excellence
A Case Study on CIBC's Digital Strategy
Introduction
This case study explores the successful digital transformation journey undertaken by CIBC, a prominent financial institution in Toronto, ON. By prioritising digital innovation, CIBC aimed to enhance customer experience, improve operational efficiency, and remain competitive in the banking industry. Through the launch of digital products and the implementation of their digital strategy, CIBC achieved transformative outcomes.
Challenge
CIBC recognized the need to embrace digital innovation to meet customer expectations, enhance operational efficiency, and stay ahead in the competitive banking industry. Their goals included launching user-friendly digital platforms, optimising mobile banking applications, and integrating backend systems seamlessly.
Solution
With a strong commitment to digital excellence, CIBC embarked on a comprehensive digital strategy, leveraging cutting-edge technology and collaborative partnerships to drive innovation and transformation.
Digital Products
CIBC.com (Online Banking Platform)
CIBC introduced their online banking platform, CIBC.com, providing customers with a secure and convenient way to manage their financial activities online.
Simplii.com (Online Banking Platform)
To offer a simplified and user-friendly banking experience, CIBC launched Simplii.com, an online banking platform.
Mobile Banking Applications
CIBC and Simplii Financial developed mobile banking applications for iOS and Android devices, enabling customers to access banking services seamlessly on the go.
Banking Application for Apple Watch
Recognizing the demand for wearable technology, CIBC and Simplii Financial launched a dedicated banking application for Apple Watch, allowing customers quick and convenient access to their accounts.
Responsibilities
CIBC embraced various responsibilities and initiatives to drive their digital strategy and achieve remarkable outcomes:
Collaborative Travel Tool Launch
In collaboration with VISA, CIBC successfully launched a travel tool, empowering customers with enhanced travel planning and financial management capabilities.
Find Mortgage Advisor on Mobile Banking
CIBC introduced the “Find Mortgage Advisor” feature within their mobile banking application, facilitating easy connections between customers and mortgage advisors for personalised assistance.
MiSnap for Cheque Image Capture
CIBC implemented MiSnap, a digital solution enabling customers to capture cheque images digitally using their mobile application. This innovation simplified cheque deposit processes and improved efficiency.
Recognition and Cost Savings
CIBC’s relentless pursuit of excellence led to their banking app experience being recognized as the “best” by Forrester in 2018. Additionally, the bank successfully addressed the top 15 client irritants, resulting in significant annual cost savings of $1.2 million.
Modernization of Retail Banking Application
CIBC modernised and managed their retail banking application for iOS and Android devices, ensuring a seamless and user-friendly experience for customers.
Product Ownership and Integration
A team of three dedicated product owners led the development and implementation of digital products, working closely with technical architects to define new web service schemas and ensure seamless integration with backend systems.
Results
CIBC’s digital strategy and innovative product offerings delivered remarkable results, transforming the banking experience for their customers:
Enhanced Customer Experience: The launch of online banking platforms, mobile banking applications, and the banking app for Apple Watch provided customers with convenient and personalised banking experiences, empowering them to manage their finances with ease.
Operational Efficiency and Cost Savings: Addressing the top 15 client irritants resulted in substantial cost savings of $1.2 million per year, while the implementation of MiSnap improved efficiency in cheque deposit processes.
Industry Recognition: CIBC’s dedication to digital excellence earned them the prestigious recognition of having the “best banking app experience” by Forrester in 2018, validating their commitment to providing superior customer service.
Conclusion
Through their comprehensive digital strategy and focus on innovation, CIBC successfully transformed their digital landscape, delivering exceptional banking experiences to their customers. Their digital products, efficient operations, industry recognition, and cost savings exemplify their commitment to driving digital excellence and staying at the forefront of the banking industry.