CIBC and BMO have announced new products as the battle to attract and retain customers heats up
With an ever-increasing choice of financial services providers available to Canadian consumers, the big banks know they can’t stand still.
While being seen as reliable and enduring is an advantage in a crisis, the demands of today’s customers means new products to attract and retain customers are vital.
Two of the Big 6 have announced new products this week, with one focusing on digital while the other has opted to leverage an old favourite.
CIBC has launched a platform to help customers with financial planning and keeping their goals in sight.
CIBC GoalPlanner is available to the bank’s Imperial Service clients who can use online banking to begin their financial planning journey before working with an advisor to set out long-term plans. GoalPlanner is then used to help the client track progress at any time.
"The pandemic has affected the finances of many individuals and families, making it more important than ever before to have clear financial goals, and to stay connected to your progress toward achieving your ambitions," said Laura Dottori-Attanasio, Group Head, Personal and Business Banking, CIBC. "The path to reaching your goals is rarely a straight line. Coupled with great advice, CIBC GoalPlanner gives you the confidence that comes from having a comprehensive financial plan and the ability to track your progress digitally, whether your ambition is to own a home, help your kids pay for post-secondary education or save for retirement."
CIBC’s goal-setting platform follows the recent launch of TD GoalAssist, which enables Toronto-Dominion customers to control their DIY investing activities.
BMO launches two credit cards
While the focus is frequently on digital products these days, there is still demand for traditional banking products.
BMO has announced the launch of two new credit cards with accelerated rewards programs offering five times the usual points.
BMO eclipse Visa Infinite and BMO eclipse Visa Infinite Privilege credit cards both offer rewards for everyday spending together with benefits including virtual and in-person dining events through the Visa Infinite Dining Series, the Visa Infinite Hotel Collection and access to unique experiences through Visa's sponsorship of world renowned events and organizations.
"With these new cards, we have completely re-imagined what a rewards credit card can be," said Erminia Johannson, group head, North American Personal and Business Banking, BMO Financial Group. "We have built these cards to better fit with what Canadians are now looking for: immediate and relevant rewards."
