CIBC launches digital banking application for newcomers to Canada

Michael Clabby, Executive Vice-President, Head of Digital, Data and Strategy at CIBC, highlighted the importance of early financial planning for those moving to a new country. "Moving to a new country is a big step, and the earlier you can plan, the easier it can be to settle into a new environment and begin pursuing your ambitions," Clabby stated.

The new digital application allows newcomers to apply for both a credit card and a deposit account through a single online form. This streamlined process aims to reduce the typical hurdles faced when establishing financial roots in a new country. Access to credit and a credit history is often a significant challenge for newcomers, impacting their ability to find housing and make other critical decisions. Clabby added, "This new digital capability will speed up the process and help alleviate some of the hurdles experienced as individuals and families begin their new lives in Canada."

Newcomers can choose from a range of CIBC credit cards, including CIBC Aventura, CIBC Aeroplan, and CIBC Dividend. This initiative is part of CIBC's broader Newcomer program, which offers various solutions and tools to assist those new to Canada.

Notable features include the CIBC Smart Arrival, enabling newcomers to open a deposit account online in as little as 10 minutes, and the digital CIBC Smart Guide to Canada, providing tailored resources and tips. Additionally, newcomers can benefit from free day-to-day banking for two years, no annual fee for two years on select credit cards, and an exclusive program with TELUS for setting up a mobile phone and bank account simultaneously.

With these initiatives, CIBC is committed to helping newcomers establish their financial footing quickly and efficiently in Canada.