While fintech was focused on Finovate — around 1,500 #finovate tweets were generated during this week’s event in San Jose, Calif. — CIBC quietly released on Tuesday what appears to be the first Apple Watch app to allow for funds transfer.
CIBC, the Canadian bank, officially released its Apple Watch offering on Tuesday. The app is notable because it includes funds transfer, in addition to the now-standard account check, transaction details and find-a-branch functionality.
Moven’s fund transfer via Apple Watch functionality, by comparison, is not expected to be released until July. We know of no other Apple Watch banking app that allows for funds transfer at present. One industry technology company has counted 42 Apple Watch banking apps in the wild.
CIBC’s funds transfer is ingenious. It allows for increasing the funds amount by tapping boxes that add denominations to the total, like an additional $1 or $5 (see accompanying image). CIBC also allows for transfers not just between CIBC banking accounts, but also to CIBC credit card accounts.
CIBC has about 11 million customers, about $415 billion of assets, and a market capitalization of $41 billion.
We have no doubt that other banks will offer funds transfer via wearables, but it deserves note that CIBC appears to be first to the gate. Since the credit crisis, some of the best innovation in North America has come from the Canadian banks.Like This Post