CIBC to Launch Major Mobile Development
Banking apps are growing in popularity - most major banks have an app for clients - but now, CIBC is launching a progressive development in the realm of banking apps.
CIBC is working with leading fintech Borrowell and Equifax Canada to provide Canadians unlimited free access to their educational credit score through CIBC mobile banking.
Having easy access to credit scores could give clients a better understanding of their overall financial well-being.
This mobile credit score resource is a first for a major Canadian bank.
Through the CIBC Mobile Banking App, clients will be able to access their Equifax credit score, updated quarterly.
Further, clients will be able to access information about the factors that affect a credit score and advice on how to improve a credit score.
The service will be considered a "soft" credit inquiry, so it won't negatively impact a client's overall score.
“With a simple tap on their mobile banking app, clients can easily access their credit score, allowing them to have a full-picture of their overall credit health, and better control of their finances," says Aayaz Pira, Senior Vice President, CIBC Digital, Retail and Business Banking.
This development seems to reflect the importance of a personalized banking experience, with more control over and knowledge about finances for each user.
According to CIBC, the majority of Canadians recognize the importance of knowing their credit score to safeguard against fraud, yet more than 69 percent do not know their credit score.
Forty-five percent say they have no idea where to even obtain their credit score.
“Knowing your credit score is important, particularly if you’re planning to purchase a new home or car, or if you are new to Canada and working to establish your credit,” says Bijal Patel, Executive Vice President, Products, Retail & Business Banking, CIBC. “Clients can better plan for the future by having an up-to-date view of their credit score and then start a conversation with an advisor to help them achieve their goals.”
Launching on mobile first, free credit score will be available online for all CIBC clients later this year.