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Thoughts On Innovation – Andrew Turnbull

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As CIBC’s Head of Business Banking, Andrew leads a team that’s transforming what Canadian entrepreneurs and professionals can expect from their bank. Previously, Andrew led CIBC’s direct investing business, CIBC Investor’s Edge, and was Chief Administrative Officer and Head of Strategy for its Wealth Management division when CIBC expanded into the U.S. Andrew is an active speaker and diversity advocate and is a volunteer leader with Ronald McDonald House Charities and Canadian Cancer Society.


What is your definition of “innovation”?

For me, innovation is about new ideas coming to life, transformation and simplicity. For business owners today, it can be a ‘first to market’ product or service, implementing a new technology to achieve efficiencies and also changing your business model or radically simplifying how something is done, and so much more.


Why is it important for companies to innovate and invest in modern technologies?

Technology is evolving so rapidly today. It is enabling business owners to interact and transact with their employees, customers, and suppliers more efficiently while freeing up time to focus on higher-value activities. Investing in innovation is essential for businesses to stay relevant in their industries and achieve business growth. At CIBC Business Banking, we help business owners invest in innovation. We are also leading by example with cutting edge banking tools and solutions for our clients, including CIBC SmartBanking for Business, a first-of-its-kind platform that combines banking and cloud accounting and payroll platforms.


What advice can you give to Canadian businesses looking to make the most out of their investments in innovation?

Every business should evaluate its resources, needs, priorities, and vision in order to understand the path that maximizes the impact of any investment in innovation. Do your research and talk to trusted advisors

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