CIBC, the Canadian bank, officially released its Mobile Banking app for the Apple Watch on Tuesday. The app is notable because it includes fund transfers, in addition to the review recent transactions and locate a branch functionality.
CIBC’s funds transfer allows for increasing the funds amount by tapping boxes that add denominations to the total, like an additional $1 or $5. CIBC also allows for transfers not just between CIBC banking accounts, but also to CIBC credit card accounts
CIBC Mobile Banking is already recognized as best in class, having been recognized by Forrester Research, Inc. with the top overall ranking for mobile banking functionality in Canada among the big 5 banks evaluated in the 2014 Canadian Mobile Banking Functionality Benchmark report. Adding the CIBC Mobile Banking App for Apple Watch gives CIBC clients another option to bank when, where and how they want.
CIBC is a leading Canadian-based global financial institution with a market capitalization of $35 billion and a Basel III Common Equity Tier 1 ratio of 10.3%. Through our three major businesses, Retail and Business Banking, Wealth Management and Wholesale Banking, CIBC provides a full range of financial products and services to 11 million clients in Canada and around the world.
There is no doubt that other banks will offer fund transfers via wearables soon, but it deserves note that CIBC appears to be first to the gate.