CIBC (CM.TO) (CM) today announced that clients have now deposited more than one million cheques using the innovative eDeposit feature available on CIBC's mobile banking App.
The feature allows personal and small business clients to deposit cheques to their CIBC account simply by taking a photo of the cheque with their mobile device.
"Depositing cheques using a smartphone would have been hard to imagine even a few years ago, and today clients across Canada are uploading photos of cheques and making deposits from wherever they are, anytime of day," says Aayaz Pira, Vice-President, Digital Channels, CIBC. "Canadians expect their financial institutions to offer services that meet changing consumer needs, which is why CIBC continues to innovate to help our clients bank when, where and how they want."
"Clients who receive paycheques or who run their own business really benefit from the ability to deposit cheques with their smartphone, and we're finding that once these clients try the service they use it often," adds Mr. Pira.
Following the introduction of the first mobile banking App in Canada in 2010, CIBC launched a first-of-its-kind mobile payment App in 2012. Last year, CIBC was first among the Big 5 Canadian banks to deliver eDeposit to personal and small business clients. More recently, CIBC was the first bank in Canada to bring eDeposit to business banking clients who receive a larger volume of cheques. These clients use a special desktop scanner to securely scan and upload images of cheques for deposit.