Simplii Financial rolls out tools for DIY banking in bid for growth

Simplii Financial, a direct banking brand owned by CIBC, is rolling out new tools to its app in an effort to attract more DIY banking clients. The digital lender announced the introduction of a new account type, the Simplii Account, and piloting features like bank account folders. Atanaska Novakova, head of Simplii Financial, stated that the company is targeting clients who want to be in control of their finances and value good financial products.

The folders feature, which is being piloted this month, allows users to streamline bill payments, manage spending, and set aside money for emergencies. Customers would also be able to automatically distribute paycheques across folders. Simplii Financial is offering a first annual payment of $205.00 + GST for one year, with the price increasing to $233.00 + GST every 52 weeks.

The offer is available to new and qualified returning subscribers only and can be cancelled at any time. The lender also announced a new payment backup feature that would automatically cover certain transactions, reducing the possibility of clients experiencing insufficient funds fees. Simplii Financial is partnering with CIBC Investor’s Edge, allowing clients to invest while accessing funds from their Simplii account.

The company has nearly two million clients and is being intentional with new features, avoiding "flavours of the day" and speculative things like prediction markets. A poll conducted in June found that 74% of Canadians view prediction markets more like gambling than investing.