(Asia) – Having launched a promotional business building its Internet banking services through grocery store brands, Canadian Imperial Bank of Commerce (CIBC) is planning to double its online banking customer base in 18 months.Chasing 2.6 million online customers, or 25 percent of its total base, the Bank is trying to leverage its grocery branding success with an approach that has clear application in the Asia Pacific region.
CIBC’s Amicus Financial division, which through its Safeway Select Bank in Safeway stores, its Marketplace Bank in Winn-Dixie supermarkets and President’s Choice Financial in Canada’s Loblaw chain, has developed around 800,000 customers through 350 banking pavilions and continues to add over 30,000 each month.
It has now begun pilot testing an account aggregation service provided by New York based CashEdge, expects to begin offering person-to-person payments through CertaPay, and expand online sales including credit cards, line of credit online, mortgages and mutual funds.
“The goal is for new customers to arrive online, establish a relationship, acquire a core product, and transact immediately,” according to the Bank.