Exclusive partnership leverages innovative technology for real-time loan adjudication and next day funding
TORONTO, Oct. 27, 2016 /CNW/ - In a move that changes the
traditional process for applying for a loan, CIBC (TSX: CM) (NYSE: CM) announced today it is partnering with Borrowell to
offer "one-click" online lending for clients. A first in Canada, the new partnership allows CIBC
to leverage the fintech's unique technology and underwriting approach to adjudicate loans for existing clients online in real time,
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 clients is a first from a major Canadian bank,"
says David Williamson, Group Head of Retail and Business Banking, CIBC. "By leveraging innovative
technology, we are taking a process that is often viewed as slow and cumbersome for clients and making it much faster and more
convenient."
The initiative is launching with loan offers to select CIBC clients. The technology allows clients to apply for a loan of
up to $35K using a simplified application process, with the ability to securely upload documents
online for verification. Future plans to extend the borrowing platform to a wider client base will be based on client experience
feedback and input from this first phase.
"Canadians expect technology to make experiences faster and more customer-friendly, from booking travel to online shopping,"
says Andrew Graham, CEO of Borrowell. "In the past few years, we've seen Canadians embrace our fast,
fair and friendly approach to personal loans. We're excited to be partnering with CIBC to bring this experience to more
Canadians."
"By adopting this forward thinking approach, we are delivering on our commitment to being a strong, innovative, relationship
oriented bank and ensuring we meet the needs of clients today and in the future," says Mr. Williamson. "Taking this step is a good
example of disrupting a traditional banking process and leveraging technology to make the experience significantly better for
clients."
CIBC fast 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 which allows clients to send international remittances with no up-front transfer fees, and
the bank's agreement with Thinking Capital to accelerate lending in the small business market.
"Our partnership with Borrowell is based on our shared view that the process for borrowing money for personal banking clients
could be improved in the digital age, while retaining all of the prudent risk management criteria you would expect from a major
bank," adds Mr. Williamson.
About Borrowell
Borrowell is a Canadian fintech lender that offers fast, fair, and friendly personal loans and free access to credit scores. Its
affordable, fixed-interest loans give Canadians a smarter way to access credit. A wholly online application process instantly
provides personalized loan options to Canadians with good credit who want better alternatives. More information about Borrowell can
be found at www.borrowell.com or on Twitter @Borrowell.
About CIBC
CIBC is a leading Canadian-based global financial institution with 11 million personal banking and business clients. Through our
three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of
products and services through its comprehensive electronic banking network, branches and offices across Canada with
offices in the United States and around the world. Ongoing news releases and more information about CIBC can be found
at www.cibc.com/ca/media-centre/ or by
following on Twitter @CIBC, Facebook (www.facebook.com/CIBC) and Instagram @CIBCNow.
SOURCE CIBC
