CIBC ranks #1 in customer satisfaction with mobile credit card apps in Canada from J.D. Power

CIBC (TSX: CM) (NYSE: CM) has received the highest ranking in client satisfaction among mobile credit card apps offered by Canada's Big Five banks according to the latest study from J.D. Power, a global leader in consumer insights, advisory services and data and analytics.

"Delivering value and innovation that enables clients to bank when and how they want is a major focus for us, so it's an honour to be recognized in the J.D. Power credit card mobile app satisfaction study," said Aayaz Pira, Senior Vice-President, Digital and Direct Banking, CIBC. "We are always striving to enhance our offerings to meet our clients' banking expectations in a modern world."

The 2019 Canada Credit Card Mobile App Satisfaction Study measured overall satisfaction with mobile credit card applications based on five factors: ease of navigation; appearance; clarity of information; range of services; and availability of key information. CIBC's highest ranked factors were navigation and availability of key information.

In 2018, CIBC became the first Canadian bank to offer clients enriched information about their credit card purchases when viewing transactions online or in-app. Clients can simply tap or click on a credit card transaction to see additional data, including merchant name, category, contact information and location, to better help recognize their purchase. CIBC also launched a feature that lets clients lock and unlock their card if they think it's been misplaced.

"We know that simplicity and security are important, and that's why we're committed to delivering digital capabilities that provide our clients greater convenience, including the ability to easily protect their credit cards, giving them instant peace of mind whether at home or travelling," added Mr. Pira.

According to J.D. Power, Canadians have a strong level of understanding of their app features. J.D. Power also highlighted that higher overall satisfaction scores were attributable to a more tailored visual user experience that limits content to pertinent information and key functionality.

Conducted between March and April 2019, the study was based on responses from 4,018 retail bank and credit card customers across Canada.