New bank adds another layer of service at Pearson airport

TORONTO – One of Canada’s largest banks is trying to tap a captive audience through an exclusive agreement to open new branches at the country’s biggest airport.

The Canadian Imperial Bank of Commerce (CIBC) has opened six branches at Pearson International Airport which will offer services ranging from currency exchange to mortgages.

Each year, 37 million travellers transit through Pearson airport, the second busiest airport in North America after John F. Kennedy airport in New York City.

“This is Canada’s largest shopping mall,” said David Williamson, a senior executive vice president and group head of business banking at CIBC. “For us to be at this most important nexus point is something we are very pleased about.”

Jacqui McAfee of Regina, a CIBC customer in Toronto for a concert, says she appreciates the added convenience a branch at the airport offers.

“I didn’t have time to go to the banking. Now, I can do my banking –and I’m off to have a good time,” said McAfee.

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CIBC’s decision to open branches at Pearson Airport is a calculated risk. But the bank sees opportunity: 40,000 people work in or around the airport daily and need somewhere to make deposits, withdrawal cash and conduct other financial affairs. And then there’s the 100,000 people each year moving to Canada arriving through the airport, a key demographic for CIBC.

“When they come in they see our bank, we have a newcomer banking offer, they leave with a bank card,” said Williamson, who says the goal is to make it easy for immigrants to get a new account and on their way.

The idea of making an airport more hospitable isn’t new. In cities like Dubai and Hong Kong, airports are like super-sized shopping destinations providing travellers with endless opportunities to spend money. Toronto’s airport authority is looking for new ways to enhance the customer experience.

“When they come here they expect us to compete with Hong Kong, Singapore or Munich,” said Scott Collier, vice president of the GTAA. “If we don’t have those (services) travelers won’t choose to come here.”

As part of the agreement with CIBC, the bank has installed comfort pods — seated rest areas where travellers can lay back and tune out noise. Nearby are stations where therapists will occasionally provide free back massages. In the same area, nail technicians offer free manicures. Free shoes shines, complimentary magazines and charging stations are staples at a lounge, open to everyone.

Another by-product of the CIBC deal with the GTAA is free use of luggage carts, a service that used to cost $1. The incoming mayor of Mississauga, where Pearson Airport is located, says the move is a good one.

“I think that was a huge irritant —  the fact they were stumbling for coins. Carts are free in many airports,” said Bonnie Crombie, who stressed the importance that the airport should create a “positive impression” for visitors.

CIBC says its new branches will be open 365 days a year, from as early as 5 a.m. to as late as 11 p.m.