Simplii rolls out new tools for DIY banking in Canada
Simplii Financial is launching new app features, including 'folders' for budgeting and automated payment backups, to attract DIY banking customers in Canada. The digital lender, owned by CIBC, aims to reduce the mental load of financial management by allowing users to customize how they organize and distribute their money.
Why it matters
This reflects the broader trend of digital banks leveraging user-centric technology to compete for market share in the personal finance sector.
Simplii Financial is introducing updates to its app with new tools aimed at attracting more DIY banking clients. The digital lender said in a news release Tuesday that it is launching a new account type, named the Simplii Account, and is piloting new features like bank account folders. “Our clients are self-selecting around their attitude toward money and how they want to manage their money,” Atanaska Novakova, the head of Simplii Financial, said in an interview. “It’s not about age and it’s not even about income or complexity of financial needs. It’s about people who want to be in control, who want good value.” Simplii Financial is a direct banking brand owned by CIBC, created after CIBC and Loblaw Cos. Ltd. ended their nearly 20-year President’s Choice Financial banking partnership in 2017.
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