CIMB Bank Philippines accelerates access to formal banking with all-digital, mobile-first model
One in three accounts opened with the country’s “fastest-growing digital bank” is for customers new to banking.
Since starting operations in December 2018, CIMB Bank Philippines has signed on about 2 million Filipino clients, 30% of whom were found to be new to banking. CIMB Bank Philippines is the CIMB Group’s first all-digital, mobile-first banking model within the ASEAN region.
“Our all-digital banking platform was designed to bring banking to more Filipinos, who otherwise may not have been able to access formal banking services,” said CIMB Bank Philippines Chief Executive Officer Vijay Manoharan.
“We are happy to be part of the Philippine administration’s push to substantially increase the number of Filipinos with bank accounts.”
In a July 2019 forum, Bangko Sentral ng Pilipinas Governor Benjamin Diokno said, “Right now, 35 percent of the population have formal accounts and we want to achieve 70 percent in 2023. That is our target.”
Recognizing CIMB Bank Philippines’s efforts, International Finance Magazine recently named the bank the “Fastest-Growing Digital Bank” in the Philippines at the 2019 International Finance Awards held last January 31 at the Waldorf Astoria in Bangkok, Thailand.
Manoharan also credits the win to the company’s persistence in becoming a platform bank in the country. “Understanding that our market is not yet fully transitioned to digital banking, CIMB Bank Philippines has undertaken strategic partnerships with local payment gateways and e-wallets for our customers to adapt better to the digital platform,” he said.
Apart from giving customers easier access to their money, CIMB Bank Philippines also provides Filipinos with product offerings that fit their flexible lifestyles, such as best-in-market savings interest rates of 4% per annum, free Php 2-million insurance benefit, a VISA payWave debit card can be used in over 25,000 ATM machines for free, and 10-minute approval response for personal loans up to Php 1 million.
In line with their goal of bringing more Filipinos towards financial inclusion, the country’s first all-digital, the mobile-first bank aims to continue growing their customer base with a target of 3.5 million sign-ups by 2020 and expand their reach through more strategic partnerships in their second year of operations.
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