Canadian Imperial Bank of Commerce (CIBC) has teamed up with local fintech lender Borrowell to offer ‘one-click’ online lending for clients.
The Canadian lender will use the Borrowell ‘s technology and underwriting approach for online real-time loan adjudication for existing customers.
CIBC group head of retail and business banking David Williamson said: "CIBC's partnership with Borrowell to deliver a digital borrowing experience to clients is a first from a major Canadian bank.
"By leveraging innovative technology, we are taking a process that is often viewed as slow and cumbersome for clients and making it much faster and more convenient."
Users can apply for a loan of up to $35K through a simplified application process, and upload documents online for verification, CIBC said.
The borrowing platform could be extended to more clients depending on client experience feedback and input from the first phase, it added.
"By adopting this forward thinking approach, we are delivering on our commitment to being a strong, innovative, relationship oriented bank and ensuring we meet the needs of clients today and in the future. Taking this step is a good example of disrupting a traditional banking process and leveraging technology to make the experience significantly better for clients," Williamson added.