Digital-only CIMB Bank attracts more sign-ups

MANILA, Philippines — Malaysia’s CIMB Bank grew its customer base to 2.3 million since becoming the first all-digital and mobile-first bank in the country barely 18 months ago.

The bank is set to introduce more innovative and exciting products soon as part of its vision to change the Philippine banking landscape and provide financial services to more Filipinos.

“We want to bring formal banking services, which provide real value at no cost to all Filipinos anytime, anywhere. Banking should be fast, simple and convenient where Filipinos wouldn’t be needing a physical bank branch,” CIMB Bank Philippines chief executive officer Vijay Manoharan said.

He said the coronavirus disease 2019 or COVID-19 pandemic serve as an eye opener for the Philippine banking industry.

“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 added.

CIMB Bank Philippines aims to grow its customer base to 3.5 million this year.

Among the top product features is CIMB’s value added offer for high depositors through Gsave wherein clients with minimum balance of P100,000 in their accounts get as high as 4.1 percent per annum interest rate.

On the other hand, UpSave holders with at least P100,000 in their UpSave accounts enjoy up to four percent per annum interest rate with free life insurance twice their average daily balance as high as P2 million.

It only takes 10-minutes for interested depositors to open an account all-through the CIMB Bank PH App, which is available 24/7 and requires no maintaining balance and transaction fees.

Furthermore, CIMB depositors may even get a Visa payWave debit card that they can use in over 25,000 ATM machines for free.

In line with CIMB Bank’s goal of giving Filipinos the opportunity to seize life’s moments, the CIMB Personal Loan enables Filipinos to loan up to P1 million through a seamless, fast, and secure digital application which requires no face-to-face interactions, zero processing fees, and zero transaction fees.