CIMB Bank Reaches 1M Customers In New All-Digital Bank Model In The Philippines

CIMB Bank Reaches 1M Customers In New All-Digital Bank Model In The Philippines

by October 31, 2019

CIMB Bank Philippines surpasses their targets for expanding their consumer base in the country, successfully signing up over a million Filipinos to its all-digital mobile banking platform in just 10 months.

This makes CIMB Bank Philippines the fastest-growing all-digital bank in ASEAN, solidifying its position as a market leader in digital banking both in the Philippines and in the region. Aligned with their vision of financial inclusion and financial freedom, CIMB Bank Philippines has committed to making banking more simple, transparent, and hassle-free through the CIMB Bank PH mobile app using advanced technology capabilities to provide a safe and secure digital banking experience. This commitment has resulted in bringing more people into the formal banking sector – four out of 10 new customer sign-ups were made by Filipinos opening a savings account for the first time ever.

The CIMB Bank PH mobile app utilizes advanced facial recognition technology, allowing customers to safely and securely open a savings or loan account in just 10 minutes. It also provides customers with 24/7 access to perform any banking transaction through their smartphone.

CIMB Bank Bank Philippines savings accounts have zero maintaining balance requirements, no transaction fees, and no initial deposit requirement to open an account. CIMB Bank Bank Philippines also gives customers the highest savings interest rates of up to 4%, the highest in the market today, helping customers get the best return on their savings. Account holders may also carry out online fund transfers via PESONet and DragonPay for free.

Alongside opening a savings account, CIMB Bank Bank Philippines provides customers with a VISA debit card that may be used in over 25,000 ATMs nationwide for free. It has also partnered with over 8,000 physical touch points for cash-in and cash-out transactions, giving customers greater access and convenience. These touch points include 7-Eleven convenience stores, Bayad Centers, and DragonPay locations.

Vijay Manoharan

Vijay Manoharan

“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 Bank Philippines Chief Executive Officer Vijay Manoharan.

“With our digital banking entry into the Philippine market, we want to transform banking in this country. With over one million customers signing up and trusting us for their banking needs in such a short period of time, we are assured that this is what our customers have been waiting for from their banks. We are very humbled by this and will continue to strive to give our customers the best banking experience at every interaction with us.”

Featured image credit: Edited from Unsplash