CIBC poll shows business owners and managers working more hours, under
more stress
TORONTO, Sept. 9, 2013 /CNW/ - With time pressures mounting on business
owners in Canada, CIBC (TSX: CM) (NYSE: CM) today announced an innovative new cash management
mobile app for business clients, allowing them to manage cash flow and
approve vital business payments, anywhere, anytime.
This new development comes at a time when business owners and managers
say they are under more pressure than ever and are increasingly
required to be away from their desk during business hours in order to
grow their business.
Key findings of the poll include:
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39 per cent of business owners report having a higher stress level now than before they started a
business with 37 per cent who say they are under the same level of stress.
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Only 24 per cent said their stress level had gone down since starting a business.
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48 per cent work more hours each week than they did before they owned their own
business while 32 per cent work roughly the same number of hours as before they owned a business.
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Only 21 per cent reported working fewer hours.
"Cash flow is more important than ever to businesses, but with
unpredictable hours and other time pressures, business owners and their
managers need the ability to stay on top of finances and take care of
time-sensitive payments on short notice," said Phil Griffiths, Senior
Vice President of Global Transaction Banking, CIBC. "Business owners
need to invest their time in growing their business, and can't be tied
to the office because they are waiting on an important payment or to
approve a key transaction."
Mobile Devices Popular Among Business Owners
According to the poll, 74 per cent of business owners or managers own a smartphone for business use. That
exceeds the ownership rate among Canadian consumers based on results
from past CIBC research.
To help business owners deal with increasing time pressures, CIBC is the
first among the big five banks to introduce a robust mobile cash
management app that allows business clients to approve key transactions
across multiple payment types while they are on the go.
Using the secure CIBC Mobile Business app, business clients can:
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remotely access real-time account balances and transaction history
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approve payments such as wires and electronic funds transfers
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obtain real-time foreign exchange rates for cross-currency payment
settlements
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receive mobile notifications on pending approvals allowing business
owners and managers to ensure time-sensitive payments are not missed
"Our new app is aimed at business clients who need an unparalleled level
of access and flexibility with their cash management platform," said
Mr. Griffiths. "Mobile banking for personal clients has grown rapidly
in just a few years, and we're expecting mobile banking for business
owners to be well received because of the tremendous flexibility it
offers."
More information about the app is available at cibc.com/mobilebusiness
The app is available for download from BlackBerry App World and the
Apple and iTunes App Store.
Results are based on a CIBC poll conducted online by Leger, which
surveyed 801 business owners or managers. The associated margin of
error for a probabilistic sample of the same size is +/-3.46%, 19 times
out of 20. Polling was conducted between June 3 and 10, 2013.
CIBC is a leading North American financial institution with nearly 11
million personal banking and business clients. CIBC offers a full range
of products and services through its comprehensive electronic banking
network, branches and offices across Canada, and has offices in the
United States and around the world. You can find other news releases
and information about CIBC in our Press Centre on our corporate website
at www.cibc.com.
SOURCE CIBC
