Canadian Imperial Bank of Commerce (CIBC) has signed a data access agreement with the open finance fintech MX to streamline how the Bank’s customers interact with third-party fintech applications.
The agreement will ensure that CIBC’s 11 million clients no longer have to share their banking login ID and password to connect their banking information with third-party fintech applications that partner with MX.
The partnership has applied application programme interface (API) technology to grant customers access to financial tools such as personal financial management, budget tracking and credit-building.
Some CIBC clients use third-party applications to help them take a complete view of their finances and can help with budgeting and planning, but bringing account data together from multiple financial services providers for review isn’t always easy.
The Bank’s agreement with MX will provide a way for clients to access the information they need, giving them greater control over their finances.
Recognising how its clients are increasingly leveraging digital channels and tools to better manage their banking and finances, the Bank’s senior vice-president of payments strategy and transformation, Chris Sweetland, comments: “By providing clients with the ability to securely and reliably share their financial data with the tools and apps they prefer, CIBC is supporting them to make more informed decisions about their finances, so they can achieve their ambitions.”
As members of Financial Data Exchange (FDX), a nonprofit organisation working to unite the financial industry around a common, flexible, interoperable standard for the secure access of user-permissioned financial data, CIBC and MX are committed to building secure access to financial information that supports clients.
“This agreement will result in more direct API connections, which provides millions of Canadians greater control of their financial data to decide who they share their data with and for what purposes, which benefits both clients and financial institutions,” comments Jane Barratt, chief advocacy officer at MX.
This agreement with MX demonstrates CIBC’s continued investment in digital banking capabilities and client experiences through partnerships and new technologies.
CIBC recently received the highest rank in overall customer satisfaction for online banking among Canada’s ‘big five’ banks, according to the J.D. Power 2022 Canada online banking satisfaction study.
CIBC clients have access to a number of digital tools and features to support their everyday online banking experiences.