About Me

My photo
GTA, Ontario, Canada
A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!

Wednesday, August 16, 2017

Big bank makes major online play

CIBC is launching a new direct banking brand that will also absorb accounts currently with Loblaw-owned President's Choice Financial.

The bank says its new Simplii Financial brand will provide no-fee daily banking through online, mobile and telephone channels in much the same way that that PC Financial already offers its roughly two million clients.

CIBC (TSX:CM) has provided the back-end banking services for PC Financial for nearly 20 years.

PC Financial MasterCard products, which Loblaw has admistered rather than CIBC, aren't affected by the deal.

CIBC is promising a smooth transition for existing PC Financial clients with no changes to account numbers, mortgage terms or automatic payments and deposits.

As part of the bank's agreement with Loblaw (TSX:L), CIBC will wind down their PC Financial consumer banking and shift all clients over to the Simplii brand on Nov. 1.

CIBC did not disclose financial terms of the agreement with Loblaw, but said its fourth-quarter results would recognize $100 million in pre-tax fees and charges related to the deal.

CIBC's Simplii will present a challenge to Scotiabank's Tangerine direct banking brand, which it bought for $3.1 billion in 2012 when it was known as ING Direct.

Mike Boluch, executive vice-president of direct banking at CIBC, said the bank plans to invest more in Simplii's offerings over time.

"Our focus in the near-term is to make this a seamless transition over for our clients. Over time, we're going to invest in the offer. We at CIBC have a long history of being known for innovation.''

The new division will provide more options for the full range of client needs, from no-fee online banking to more advice-oriented customer service, Boluch said in an interview before the official announcement.

"We see a wide spectrum of client needs, and we see this as being an important part of that spectrum,'' Boluch said. ``We're pretty confident there's a place for both business models.''

MBN

We hope you are finding our Blog informative and enjoyable to read while keeping you up to date with the ever changing real estate market.

Please feel free to contact me via Direct/Text or e-mail at any time and my team will be pleased to assist you, family members and friends with all your real estate needs. Referrals are always welcome!

Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)