Canadians 65 + lead the surge in digital banking use amidst COVID-19

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Seniors turn to phones and laptops to do their banking with a 250% increase in new users in April

TORONTO, June 9, 2020 /CNW/ – Canadian seniors are now using digital banking more than ever, with CIBC seeing a 250% increase among senior clients 65 years and older signing up for digital banking in the month of April.

Photo by Haidan on Unsplash

“Digital banking usage has increased across the board, and we’ve seen a sharp increase in seniors embracing the ease and convenience of online and mobile banking as they took steps to limit their visits to public places in recent months,” said Laura Dottori-Attanasio, Senior Executive Vice-President and Group Head, Personal and Business Banking.

Seniors who have tried digital banking for the first time will now be able to utilize this channel in addition to other options for bill payments, transfers, and other routine transactions.

“When a client uses digital banking and experiences the convenience of being able to take care of day-to-day banking from anywhere, it’s very likely to be something that they will use more often,” added Ms. Dottori-Attanasio.

In response to this trend and to further help seniors going digital, CIBC has eliminated Interac e-transfer fees for senior clients, retroactive to May 1, 2020 on all personal chequing accounts, allowing clients to send and receive money among family and friends with no fee, reducing the need to visit a banking centre.

The bank has also launched the CIBC Seniors Support Centre, an online resource dedicated to providing programs and expert advice to seniors banking at home.

“Seniors are one of our cherished communities and we want to ensure we’re taking care of them,” added Ms. Dottori-Attanasio.

In addition to support in going digital, CIBC offers a range of supports to senior clients including priority phone routing and priority service in banking centres, as well as proactive outreach to seniors to ensure their banking needs were taken care of.