Simplii Financial this week unveiled what it describes as the “next evolution” of the Canadian institutions digital banking experience.
The Toronto-based digital-only bank has launched an “enhanced app” with new tools alongside a “refreshed brand.”
The enhancement isn’t necessarily all about adding new stuff, however—true to the firm’s name, Simplii’s update is as much about streamlining offerings and smoothing out the experience, according to company head Atanaska Novakova.
“The future of digital banking is not about more features; it’s about less friction,” says Novakova.
Simplii is “investing in an experience that delivers less fees, less stress, less complexity, and more value through useful, simple tools to support customers’ financial security,” she remarked.
The new direct-to-consumer banking Simplii Account, piloting this month, helps Canadian consumers “do more than ever within a single account,” according to the fintech.
Folders can be created in seconds to streamline bill payments and spending, savings goals, and planned expenses.
A payment backup feature will automatically cover eligible transactions and reduce insufficient funds events while higher base interest rates promise more savings.
“We listened closely to Canadians and studied the everyday moments that make managing money harder than it needs to be,” Novakova commented.
Additional features will roll out over the coming months, according to a statement from Simplii.
“We built a strong foundation with our new platform, and everything we’re doing now is designed to make things easier,” Novakova says.
“This launch is an important next step as we continue building practical solutions that anticipate customers’ needs and help Canadians stay on top of what matters to them,” she said.
Simplii Financial launched in 2017 as the digital banking division of CIBC, which has been going all-in on AI lately while working with Canada’s biggest banks on a Canadian dollar based digital money solution.
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