CIMB’s Digital Bank in Philippines Poised for 500% Growth in 2020by Fintech News Philippines July 21, 2020
CIMB Bank Philippines is foreseeing a 500% increase in their deposit balances by end-year, following a reported 160% surge of average cash-in per customer in the second quarter of 2020.
Their momentum for customer acquisition stood strong throughout April to June, with the significant increase in average deposits allowing them to surpass its 2020 deposit target.
The spike coincides with the first three months of the country’s community quarantine due to the pandemic, wherein the digital bank also saw a growth in savings account openings and personal loan applications.
With this upward trajectory, CIMB expects to surpass their initial target of four million customers and is now targeting to reach five million users within the next year.
Last June, CIMB also recorded its highest monthly loan disbursement. The bank noted that 51% of their successful loan applicants said that it was their first time to have a bank loan, while 98% of clients with outstanding loans with the all-digital bank said that they are willing to consider applying for a loan with them again.
CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said,
“As the most-awarded digital bank in the country, we recognise that we are in a unique position to provide our customers with accessible solutions, especially during this period of adjustment wherein digital adoption is necessary for individuals and businesses.”
He added that a key learning over the past three months was the effectiveness of their platform banking model for their business operations and customers.
With this, the bank’s base has since been recognised by 12 international award-giving bodies, including recognitions as the ‘Best New Digital Bank in the Philippines’ and ‘Innovative Digital Bank of the Year’ in their first 18 months of operations in the country.
Just last month, it was announced that CIMB Bank will be powering local e-wallet, GCash’s credit line product, GCredit to help bring credit products to more Filipinos.
They had also launched a financial assistance program for COVID-19 patients last March, that allowed for CIMB account holders who tested positive for the coronavirus to avail of P10,000 worth of financial support to pay for their medical expenses. The program is still ongoing, Manoharan confirmed.
Manoharan shared, CIMB Bank account holders can also expect more exciting partnerships to be launched soon with collaborations planned for roll-out within the next few months to bring more value and benefits to our customers.
This article first appeared on fintechnews.sg