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CIBC partners with National Australia Bank and Israel's Bank Leumi

Published 21 September 2016

CIBC has partnered with National Australia Bank (NAB) and Israel's Bank Leumi to deliver new ways for improving client experiences.

The partnership enables three banks on three continents to collaborate and share aspects of their proprietary innovation strategies to enhance their respective client experiences.

The partners will share information regarding innovation insights and learnings, co-develop products and services to support and grow their respective client bases, and facilitate the exchange of employee talent in the innovation space.

Stephen Forbes, Executive Vice President and Chief Commercial Officer, CIBC, said: "We are excited to partner with NAB and Bank Leumi, two highly respected banks that share our commitment to client-focused innovation.

"We have created a culture of collaboration among teams to drive innovation inside our bank, and formed important external partnerships with innovation hubs and fintechs to help us build the bank of the future for our clients. This alliance further strengthens our leadership position in innovation, and broadens our access to global insights and talent in this fast-moving space."   

The alliance was officially signed this week in Tel Aviv, a world leader in high-tech startups and a global tech hub.

In the two months leading up to today's announcement, CIBC and NAB worked together to test Ripple blockchain technology, moving money from Canada to Australia and vice versa, becoming part of a small group of banks globally to have successfully completed a cross-border blockchain transfer.

Jonathan Davey, Executive General Manager, NAB Labs, said: "We're excited to be working with CIBC and have already partnered with them in using Ripple's blockchain technology to complete international payments transfers between our banks as a proof of concept.

"Like NAB, CIBC is a customer-focused bank with a strong emphasis on the use of innovation to deliver improved customer services; and like NAB, CIBC recognizes the power of partnerships to help drive transformation and true differentiation for our customers."

Dan Yerushalmi, Bank Leumi First Executive Vice President, Group CTIO and COO, said: "It's common knowledge that Israel is the 'Start-Up Nation' and a hotbed of innovation. Bank Leumi is a key player in both the local and global innovation arena and I am strongly convinced that this alliance will enable us to mutually share innovation strategies and to enhance our respective customer experience.

"We find this open dialogue and knowledge sharing to be of great value and see the alliance as the beginning of a wider collaboration with NAB and CIBC in future programs."

CIBC has delivered a number of recent innovations for clients, many of which disrupt the traditional approach to banking, including:

Launching a no-fee Global Money Transfer service, eliminating up front remittance fees and moving money faster to better meet the needs of clients who regularly send money overseas.

Launching our new Digital Account Open technology first among the big five banks, allowing clients to open a new account through their mobile device.

Developing an award-winning derivatives platform, recognized as the best in Canada three years in a row by GlobalCapital for its forward looking, innovative and solutions-driven approach.

Partnering with Toronto's MaRS Discovery District as a founding partner of the MaRS C Suite, to establish CIBC Live Labs and collaborate with leading technology talent to create the next wave of banking innovations. This highly collaborative lab environment has already directly led to the launch of the CIBC Mobile Banking App for the Apple Watch, and the creation of the CIBC Hello Home App which uses image capture technology to allow clients to apply for a mortgage entirely through their mobile device.

Delivering Apple Pay to clients;

Partnering with C100, a non-profit based in San Francisco, to support Canadian technology entrepreneurship.

Source: Company Press Release