Exclusive partnership leverages innovative technology for real-time lending and next-day financing
TORONTO, October 27, 2016 / CNW / – In a move that changes the traditional loan application process, CIBC (TSX: CM) (NYSE: CM) today announced its partnership with Borrowell to provide âone-clickâ online loans to its clients. A first in Canada, the new partnership allows CIBC to leverage fintech’s unique underwriting technology and approach to provide real-time online loans to existing clients, with funds typically issued the next business day directly into a client’s CIBC account.
“CIBC’s partnership with Borrowell to deliver a digital borrowing experience to customers is a first for a major Canadian bank,” says David Williamson, Group Head, Personal and Commercial Banking, CIBC. “By taking advantage of innovative technology, we are taking a process that is often seen as slow and cumbersome for customers and making it much faster and more convenient.”
The initiative is launched with loan offers to certain clients of CIBC. The technology allows customers to apply for a loan of up to $ 35,000 using a streamlined application process, with the ability to securely upload documents online for verification. Future plans to extend the borrowing platform to a wider customer base will be based on customer feedback and contributions from this first phase.
“Canadians expect technology to make experiences faster and more user-friendly, from booking travel to shopping online,” says Andrew Graham, CEO of Borrowell. âOver the past few years, we have seen Canadians adopt our fast, fair and user-friendly approach to personal loans. We are thrilled to partner with CIBC to bring this experience to more Canadians.
“By adopting this forward-thinking approach, we are delivering on our commitment to be a strong, innovative and relationship-oriented bank and ensuring that we meet the needs of customers today and in the future,” said Williamson. . âThis step is a good example of breaking a traditional banking process and using technology to dramatically improve the customer experience. ”
CIBC expedited tracking with fintechs
Today’s announcement is the latest in a series of partnerships forged by CIBC to deliver innovations to clients, including the recently expanded Global Money Transfer that allows clients to send international remittances free of charge from initial transfer; and the bank’s agreement with Thinking Capital to accelerate lending in the small business market.
âOur partnership with Borrowell is based on our shared view that the process of borrowing money for personal banking customers could be improved in the digital age, while retaining all the criteria for prudent risk management. that you would expect from a big bank, âadds Williamson.
Borrowell is a Canadian fintech lender that offers fast, fair and user-friendly personal loans and free access to credit scores. Its affordable fixed rate loans give Canadians a smarter way to access credit. A fully online application process instantly provides personalized loan options for Canadians with good credit who want better alternatives. You can find more information about Borrowell at www.borrowell.com or on Twitter @Borrowell.
CIBC is a leading global financial institution based in Canada with 11 million retail and business clients. Through our three main business units – Personal and Commercial Banking, Wealth Management and Capital Markets – CIBC offers a full range of products and services through its comprehensive electronic banking network , from its branches and offices across Canada with offices in the United States and around the world. Current press releases and more information about CIBC are available at www.cibc.com/ca/media-centre/ or by following on Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.
For further information: Olga Petrycki, Director of Public Relations, CIBC, [emailÂ protected] or 416-306-9760; Britt Aharoni, Public Relations, Borrowell, [emailÂ protected], 647-716-5113