CIBC iPhone Mobile Banking Application

CIBC is live with Canada’s first full-featured mobile banking iPhone application.

The native iPhone application provides a key money movement feature that have eluded American mobile banking solutions. CIBC leverages the Interac email money transfer system to allow sending money to others.

American bankers have been dreaming of a P2P payment system like this for a while.

The CIBC iPhone application also has all the standard capabilities found south of the border including full account management capabilities, including credit cards.

The application also provide a branch & ABM/ATM locator.

Scotiabank announced late 2009 it would offer a native iPhone application this Spring. Both Scotiabank and Desjardins have ABM locators in the app store.

Most Canadian banks have had browser-based solutions live since 2000 when the first wave of mobile excitement swept the world — then went nowhere for nearly a decade.

CIBC and Scotia are two back-to-back examples that the gloves are off in Canada and the mobile banking competition has begun.

Canadian consumers will definitely be the winners!