CIBC saw 250 percent increase in digital banking among seniors in April

A large number of senior citizens have been turning to online banking options during the COVID-19 pandemic, according to CIBC.

During the month of April, the Canadian banking giant says it saw a 250 percent increase in customers aged 65 and higher signing up for digital banking.

Given that seniors are at higher risk to contract the virus, they’ve been advised to remain at home as much as possible. However, many of us likely have that stubborn grandparent or other elderly family member that ignores social distancing advice. Therefore, it’s good to see that some seniors are at least reducing their outings to the bank.

To assist seniors, CIBC says it’s eliminated e-transfer fees for senior clients (retroactive to May 1st, 2020) on all personal chequing accounts. Further, the bank has launched the CIBC Seniors Support Centre to provide seniors with a dedicated resource for online banking.

Beyond digital solutions, CIBC notes that it also CIBC offers priority phone routing and priority service to seniors in banking centres, should they need to in-person assistance.

Source: CIBC

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