CIBC is partnering with Borrowell to offer “one-click” online lending for clients. A first in Canada, the new partnership allows CIBC to leverage the fintech’s unique technology and underwriting approach to adjudicate loans for existing clients online in real time, with funds typically issued the next business day directly into a client’s CIBC account.
“CIBC’s partnership with Borrowell to deliver a digital borrowing experience to clients is a first from a major Canadian bank,” says David Williamson, Group Head of Retail and Business Banking, CIBC. “By leveraging innovative technology, we are taking a process that is often viewed as slow and cumbersome for clients and making it much faster and more convenient.”
It’s a move that changes the traditional process for applying for a loan. The technology allows clients to apply for a loan of up to $35K using a simplified application process, with the ability to securely upload documents online for verification. .
“Canadians expect technology to make experiences faster and more customer-friendly, from booking travel to online shopping,” says Andrew Graham, CEO of Borrowell. “In the past few years, we’ve seen Canadians embrace our fast, fair and friendly approach to personal loans. We’re excited to be partnering with CIBC to bring this experience to more Canadians.”
Future plans to extend the borrowing platform to a wider client base will be based on client experience feedback and input from this first phase
“By adopting this forward thinking approach, we are delivering on our commitment to being a strong, innovative, relationship oriented bank and ensuring we meet the needs of clients today and in the future,” added Williamson. “Taking this step is a good example of disrupting a traditional banking process and leveraging technology to make the experience significantly better for clients.”