Canadian Seniors Lead Surge in Digital Banking During COVID-19 Pandemic: CIBC

During the COVID-19 pandemic, banking habits changed as people stayed home and avoided going out during quarantine measures. According to CIBC, during the coronavirus pandemic, seniors helped lead the surge in digital banking.

The bank detailed today how seniors aged 65 or older in Canada increased digital banking at CIBC, resulting in a 250% increase in sign-ups during April.

“Digital banking usage has increased across the board, and we’ve seen a sharp increase in seniors embracing the ease and convenience of online and mobile banking as they took steps to limit their visits to public places in recent months,” said Laura Dottori-Attanasio, Senior Executive Vice-President and Group Head, Personal and Business Banking, in a statement.

CIBC says it has removed Interac e-Transfer fees for senior clients, retroactive to May 1, 2020, for all personal chequing accounts to send and receive funds, to help seniors go digital and avoid branches.

Also new is an online resource called the CIBC Seniors Support Centre, an info hub for seniors banking from home, to go with priority phone routing and service at branches.

“Seniors are one of our cherished communities and we want to ensure we’re taking care of them,” added Ms. Dottori-Attanasio.