Speaking at the Empire Club of Canada in Toronto Tuesday, the chief executive of Canadian Bank of Imperial Commerce (CIBC), Victor Dodig, said the bank is studying technology underlying digital currencies such as Bitcoin as traditional lenders brace for disruption from new entrants in the financial services industry.
But, as the Canadian Press reported, Dodig said he does not think emerging financial technology firms are a threat to banks, and that doom-and-gloom rhetoric is exaggerated.
Dodig said collaborating with new startups is vital for banks looking to innovate.
His comments follow CIBC’s announcement on Tuesday that it is the first major Canadian bank to participate in suretap, a mobile payment application that allows users to store a range of payment cards on their smartphones.
“We want to be where our clients are, and our involvement in suretap reflects our commitment to delivering banking and payment services that are easy, personalized and flexible,” said Todd Roberts, CIBC’s senior vice president,