Canadian Imperial Bank of Commerce (CIBC) will continue investing in technology on the heels of the bank’s active digital users skyrocketing in the third quarter.

The $693 billion bank reported its number of active digital banking users in Q3 jumped 41% year over year to 6.2 million users from 4.4 million during the same period in 2021. The number of digital transactions also climbed 11.6% YoY to 134 million from 120 million the previous year, according to the earnings presentation.

“Going forward, we will continue to seek new and innovative enhancements to our digital banking platforms as we advance our digitization strategy and build our business with the affluent segment,” Victor Dodig, president of the bank, said during today’s Q3 earnings call.

Toronto-based CIBC’s fintechs partnerships and investments in digital banking platforms have contributed to a 9% YoY increase in expenses to $2.5 billion for Q3. The bank will continue investments in digitization, cloud-based technology and increasing connectivity across businesses, Dodig said.

One of the bank’s recent digitization efforts includes an access agreement with fintech MX Technologies to enhance customer experience through data sharing, allowing clients to connect with partnering apps via APIs, according to a recent release.

“We’re always focused on strategic growth for the long run, and we’re going to continue to leverage technology to improve efficiency and the banking experience we offer to our clients,” Dodig said.

The bank posted net revenues of $1.28 billion for Q3, up 10% from the previous quarter.

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