Canada’s CIBC Enables Mobile Account Opening For Businesses

Canadian financial institution (FI) CIBC announced it now supports the opening of digital accounts for its business clients.

The FI said in a press release on Thursday (Oct. 24) that business clients can now use a mobile device or tablet to open a CIBC Business Operating Account, as well as customize their online CIBC SmartBanking for Business experience, a move the FI noted helps business owners save time by allowing them to open accounts via mobile, without having to visit a physical branch.

New clients do not have to scan and upload business documents, and existing CIBC business customers can automatically fill in application fields when they log in to their existing online banking accounts. Clients will have access to CIBC’s Business Onboarding Concierge to provide support.

The mobile account opening offering supports a range of business structures, including companies owned by multiple owners, and enables access to business investment growth accounts as well as U.S. dollar accounts.

“CIBC has radically simplified the account opening experience, giving business owners valuable time back to focus on their customers and business objectives,” said CIBC Senior Vice President of Business Banking Andrew Turnbull in a statement. “By combining market-leading digital solutions with CIBC’s national network of relationship-based business advisory services, we have elevated our investment in support of a vibrant, entrepreneurial Canadian business community.”

New accounts support integration with a range of other CIBC business products, including payroll and accounting tools as part of CIBC’s SmartBanking for Business platform, as announced in May. That platform focuses on data integration capabilities, enabling business users to gain visibility into cash flow and predictions, manage invoices and receivables, and manage day-to-day banking activity from a single portal.

In June, another financial institution, U.S.-based Heartland Financial, announced the launch of its own online account opening solution for business deposits, pointing to corporates’ and SMBs’ growing demand for digital banking functionality.