CIBC adapts to talent wars by upskilling tech workers: To appeal to highly sought-after developers, banks can stress development opportunities and innovative projects, and publicly celebrate workers who contribute to patents.

The requirement to cut business ties with people linked to anti-vaccine-mandate protests will be a lot easier for companies with better-established compliance arms.

Canadian mobile penetration and bank access have created a high-potential environment for both proximity and peer-to-peer mobile payments. But entrenched payment habits and monopolization have created a slow growth environment that will force providers to adapt.

With its new digital identity verification feature, prospects don’t need to visit a branch to open a new account. Adoption of a similar offering by CIBC’s peers could further entrench incumbents against new entrants.

In 2021, the number of new mobile banking users in Canada will plummet to a third of the previous year’s level, considerably increasing competition among financial institutions (FIs), including CIBC. As the battle for new mobile users heats up, FIs’ mobile banking app features will be crucial. This report identifies which key growth opportunities CIBC might focus on to gain and retain customers.

CIBC places first in mobile: The banking giant topped J.D. Power’s Canadian mobile app customer satisfaction survey—a designation it may have earned in part due to some recently rolled-out features.

Canada’s incumbent banks lose ground in customer satisfaction: The Big 5 Canadian banks saw lower overall satisfaction as a group in J.D. Power’s annual survey—but this poses little risk to their market positions, given the strong satisfaction with their direct bank units and their hard-to-replace legacy offerings.

Wealthsimple hits 2M Canadian users amid neobanking push: The Canadian fintech reached a user threshold as it hit a CAD$5 billion valuation from its latest funding round—positive signs that it could become a significant player despite the challenges in its home market.

This inaugural study, weighted based on responses to a consumer survey, ranks the seven largest Canadian financial institutions by assets according to their mobile banking capabilities. It presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on their propensity to set FIs apart.

Canada is classified as a “high-adoption” country in our global mobile payments forecast.