How data-driven personalization has helped CIBC acquire customers

To aid in the cause, it embraces a third-party experience management solution that uses first-party cookies to help build a more scalable and relevant digital platform. The solution, combined with other technologies and a real-time technology framework, has helped CIBC tap customer behaviors and build targeted profiles to fuel personalized interactions. It employs a modular, data-driven approach, which allows the bank to use existing behavioral data to precisely target messages and to reuse and recombine content to for specific profiles in real-time.

The solution gives CIBC the ability to prioritize and push targeted mobile promotions to customers and synchronize data to create models that can update product pages quickly and at scale – saving staff time. It also allows busy customers to set up direct deposit payments, request financial relief, or apply for credit card rate reductions or mortgage payment deferrals in seconds.

The business benefits of the approach have been heartening. The real-time framework enabled CIBC to deliver more-focused journeys to customers, fueling loyalty and growth. Customer acquisition rates rose 65% across its three primary business lines, while costs per-acquisition from Facebook campaigns declined by more than 20%. Mobile conversion rates increased 50% and website conversions more than doubled. CIBC is now accelerating investments in a client-focused approach to financial planning and advice. Its digitally enabled goal-setting platform, called “GoalPlanner,” uses data-driven insights to help advisors better understand client ambitions and personalize service recommendations. In 2021 it launched a digital ID verification option that allows prospective clients to verify their identity, either in-person or over the phone, in minutes. Bank leaders have credited digital investments made in 2021 and a cloud-first strategy for CIBC’s adjusted year-over-year revenue growth of 7%.