CIMB Philippines Doubles Customer Base to Over 3 Millionby Fintech News Philippines January 15, 2021
CIMB Bank Philippines had doubled its deposit customer base to exceed 3 million total banking customers with an 800% increase in deposits balance sheet, and 30% of these deposit customers claimed that CIMB was their first bank account.
Amidst the pandemic, average balance per customer and average cash-in per customer increased by 350% and 400%, respectively as the bank aims to encourage more Filipinos to save and to promote financial literacy.
According to CIMB, 90% of survey respondents are looking for best deposit interest rates while 75% prioritise ease of opening a bank account. Additionally, more than half are looking for bonus insurance coverage.
These three features have been the core of CIMB Bank Philippines’ customer value proposition with its 4% savings interest rate, 10-minute bank account opening process, zero fees and free insurance coverage that is accorded to eligible customers.
CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said,
“By continuously improving our products, we enable Filipinos to seize their life goals by providing them with the best-in-market deposit products that allow them to earn as high as 4% interest rate per annum coupled with free life insurance of up to P250,000.
We want to give back to more Filipinos who work hard to earn and save. We strongly believe this is the foundation of getting more people to move forward in their lives”
On the other hand, CIMB Bank Philippines’ fully digital personal loan applications grew by 160% while loan disbursement saw a robust growth of 500%.
Over 60% of these successful loan applicants claim that CIMB was their first bank loan indicating a shift in borrowing into the formal lending sector which allows for ease of access to credit which was previously unavailable.
This growth is driven by CIMB’s all-digital loan application process on its mobile app.