Canadian wealth manager CIBC has kicked off new text message (SMS) customer Alerts, with an aim to provide customers significant financial information that's convenient for them through their smartphone, or through email or online banking, to assist them manage their day to day finances.
The firm said that the alerts include reminding clients about upcoming credit card payments and due dates so they don’t inadvertently miss a payment, to information on future-dated bills or transfers to ensure clients have adequate balances and can avoid late payment fees.
CIBC alternate channels senior vice president Michael Martin said making these new Alerts available online, by email or by text message allows clients to view timely reminders about their finances whether they are banking online, or on the go with mobile banking.
"With the rapid growth in smartphone adoption and mobile banking in Canada, the addition of text message functionality puts more information about their day to day finances into our clients’ hands," Martin added.
A CIBC poll conducted by Harris/Decima earlier this year revealed Canadians named managing day to day spending and budgeting as one of their top three priorities for 2012. These enhancements will make it easier for clients to stay on top of their everyday banking as part of their broader financial plan.
The solution also reminds consumer when they attempt to exceed their daily limits for ABM withdrawals and point of sale transactions and when funds held upon deposit become available, said the firm.
CIBC serves 11 million personal banking and business clients and provides a comprehensive suite of products and services through electronic banking network, branches and offices across Canada, and has offices in the US.