Ms. Deb Rowe reports

CIBC BUILDS NEW FOUNDATION FOR LEADING BANKING EXPERIENCES IN CANADA

Canadian Imperial Bank of Commerce (CIBC) is building a new foundation for simpler, faster and more personalized banking experiences in Canada. Today, the bank announced its partnership with United Kingdom-based financial technology company Thought Machine, that will make it easier to develop and introduce new banking products for Canadians. CIBC will be the first large Canadian bank to adopt Vault Core, a cloud-native core banking platform designed to help banks respond more quickly to changing client needs.

"Everyday Banking solutions should make life easier and allow each client to manage their finances in a simple, personalized way," says Hratch Panossian, senior executive vice-president, personal and business banking, CIBC. "This technology will enable CIBC to do more than just build modern banking solutions. It reflects our commitment to becoming a leader in technology, radically shifting how we innovate and raising the bar for banking in Canada."

Earlier this year, CIBC completed a 30-million-pound-sterling minority strategic investment in Thought Machine. CIBC will use Vault Core as a highly scalable, flexible foundation, and leverage internal product and engineering teams to build its own products and experiences on it. This approach gives CIBC teams greater control over what they create and how quickly it can be available to clients.

"CIBC is proving that the world's largest banks can move at speed when equipped with the right technology and ways of working," said Paul Taylor, founder and chief executive officer of Thought Machine. "Vault Core doesn't simply modernize the technology behind banking, it gives CIBC the foundation to transform what banking can deliver for Canadians. We are proud to welcome CIBC both as a strategic partner and as an investor as we expand across their retail operations."

The Simplii Account, offered by Simplii Financial, a division of CIBC, piloting this fall, will be the first client offering built on Vault Core. Developed by Simplii Financial in just a matter of months, it is designed to make everyday banking easier and give clients more control over their money. New features of The Simplii Account include folders and savings goals -- a first among Canadian direct-to-consumer banks, which clients can create in seconds on-line or in the mobile app to organize spending, bills and savings.

The partnership is an important step in CIBC's broader transformation. It will support stronger everyday banking relationships, help CIBC serve more clients as their needs grow, and make the bank simpler and more efficient. By combining CIBC's trusted advice and full range of banking services with the speed of a digital-first provider, CIBC is building for the future of banking in Canada.

CIBC joins more than 20 large banks globally that use Vault Core to modernize their systems and power new banking experiences.

About Canadian Imperial Bank of Commerce

CIBC is a leading North American financial institution with 15 million personal banking, business, public sector and institutional clients. Across personal and business banking, commercial banking, wealth management, and capital markets, CIBC offers a full range of advice, solutions, and services through its leading digital banking network and locations across Canada, in the United States and around the world.