CIMB Philippines Signed on Close to 4 Million Customers Within 2 Years of Launchby Fintech News Philippines April 27, 2021
CIMB Bank Philippines announced that it has accumulated over 40 international awards and has signed up close to 4 million customers within just a little over 2 years from opening its digital doors in the country.
International finance organisations have recognised the achievements of CIMB Bank Philippines with over 15 new awards from the start of 2021.
In the first 3 months of 2021, CIMB Bank Philippines signed in over 600,000 Filipinos driving deposit growth by 460% versus the same period last year.
Annual average balance per customer has also increased by 235% while the average cash-in per customer grew by 355% indicating a change in savings behavior among depositors.
CIMB Bank Philippines shared that the growth in deposits were across all customer segments but noted a double digit increase in savings among its customers who receive 4% per annum interest rates and those that qualify for free life insurance of up to P250,000 coverage.
The bank also noted that 20% of their new depositors have CIMB as their first banking relationship.
As the bank continues to push for financial inclusion, CIMB Bank Philippines’ fully-digital personal loan applications have grown by 150% with loan disbursements increasing by 85% versus the same period last year.
According to the bank, 55% of their successful loan applicants have CIMB as their first bank loan.
Vijay Manoharan, Chief Executive Officer of CIMB Bank Philippines said,
“Our vision is to promote inclusivity by providing Filipinos superior financial solutions and digital experience that they deserve.
Also we are committed in providing every consumer the same opportunity to attain financial freedom wherever they are in their financial journey.”