MARKETING & BRAND INITIATIVE OF THE YEAR - PHILIPPINES DIGITAL BANKING INITIATIVE OF THE YEAR - PHILIPPINES
Changing the Philippine banking landscape through technology
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n just a little over 18 months in the country, CIMB Bank Philippines leads in making significant changes in the Philippine banking landscape. Using an all-digital, mobile-first approach, the bank managed to onboard 2.5 million customers through the CIMB Bank PH app. What sets CIMB Bank apart from other key players in the country is its accessibility to the normal, everyday Filipino. By simply downloading the CIMB Bank PH app, anyone can sign up for a bank account in less than ten minutes, minus the extensive requirements traditional banks usually ask from their customers. “At the core of our services and offerings is the desire to give our customers the power to manage their own money. Now anyone can open a bank account safely and securely without having to walk into a physical branch,” said CIMB Bank Philippines Chief Executive Officer Vijay Manoharan. CIMB Bank gives importance to providing top-notch financial products to the nation’s unbanked. By lessening the hurdles in setting up a bank account, many Filipinos were able to open their very first savings account all 70 ASIAN BANKING AND FINANCE | DECEMBER 2020 2019
through their mobile phones. In fact, 30% of CIMB’s customer base is composed of individuals who are entirely new to the banking landscape. “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,” Manoharan added. Apart from the convenience and accessibility that CIMB offers to their customers, the bank makes sure that their depositors get the best value for their money. With one of the best market interest rates, UpSave account holders can enjoy higher interest on their savings without any required minimum balance and lock in period. UpSave depositors can also enjoy 1600% more on their savings as CIMB offers a special interest rate promo of 4% p.a. This promo is available to all UpSave account holders with balances of at least PHP100,000. Additionally, the bank also provides them with a hefty life insurance coverage which is equal to their average daily balance of up to PHP1m for free. To address the Filipinos’ needs to get access to their finances easily, CIMB also offers a free VISA payWave Card to their Fast Account holders. All they need to do is to deposit at least PHP5,000 to their account in order to receive their debit card straight at their doorstep. Customers may use this card for online payments to 46 million merchants worldwide and in over 25,000 ATMs
“Banking should be fast, simple, and convenient where Filipinos wouldn’t be needing a physical bank branch” nationwide free of charge. Along with deposit accounts, CIMB Bank empowers many Filipinos by leveraging them financially through the CIMB Personal Loan. Unlike ordinary bank loans, customers no longer have to go through a tedious application process nor fall in line just to submit their requirements. Instead, they only need to submit one valid ID and one pay slip in order to borrow as much as PHP1m. All these
can be done through the CIMB Bank PH app. Through this consumer-friendly and straightforward approach, CIMB managed to help 51% of their Personal Loan customers in securing their first-ever bank loan. Additionally, Personal Loan also helps Filipino small business owners and entrepreneurs to get enough capital for establishing or expanding their businesses. Furthermore, CIMB strengthens its presence in the market by forging partnerships with other FinTech companies to build a solid digital platform banking strategy. Its partnership with GCash, the leading digital wallet in the country, enabled many individuals to get access to financial tools. Through the Save Money Feature on the GCash app, also known as GSave, users can start building their savings safely and securely with CIMB Bank’s competitive interest rate. “Banking should be fast, simple, and convenient where Filipinos wouldn’t be needing a physical bank branch. This recent pandemic as an eye-opener has further shown the way to go all-digital as we see further demand in digital banking,” Manoharan said, emphasizing on how CIMB Bank’s services proved to be critical in the present situation. “We are humbled by the two wins in ABF Retail Banking Awards—Marketing & Brand Initiative of the Year - Philippines, and Digital Banking Initiative of the Year - Philippines—and are honored to have been recognised in just our first year in the market” Manoharan added, “We owe many of our milestones to our customers for trusting in us and to believe in the future of digital banking as we embark on transforming the banking landscape in the Philippines. We also look forward to empowering more Filipinos and giving them all the benefits of a having a bank account and convenient access to credit ” “Filipinos deserve better value and returns from their bank. We at CIMB PH, hope with our all-digital mobile first bank, everyone can open a bank account without any hassle, anytime, anywhere, safe and securely, and with our best in market savings interest rates of up to 4%, our customers can start their savings journey with us,” said Manoharan.