CIMB Bank Philippines grew its deposits by 800 percent in the past year on the back of increasing customer base amid the digital shift.
The digital bank said in a recent statement that its deposit customer base doubled to over 3 million last year. Of these clients, 30 percent said CIMB was their first bank account.
Amid CIMB’s initiative to promote financial literacy, average balance per customer and average cash-in per customer rose by 350 percent and 400 percent, respectively.
CIMB said that it was also offering banking services that customers were looking for. In a survey conducted by the bank, majority of the respondents said they want the best deposit interest rates, ease of opening a bank account and bonus insurance coverage.
“These 3 features have been the core of [CIMB]’s customer value proposition with its 4-percent savings interest rate, 10-minute bank account opening process, zero fees and on top of all that, a bonus free insurance coverage that is accorded to eligible customers to ensure that while they save, they are also protected with insurance,” the bank said.
To provide a wider access to insurance coverage, CIMB revised the eligibility rules.
Before, customers must have a minimum of P100,000 balance to be qualified for a coverage. The bank now just needs the clients to “maintain P5,000 to get a free life insurance coverage that’s worth their average daily balance of up to P250,000.”
“By continuously improving our products, we enable Filipinos to seize their life goals by providing them with the best-in-market deposit products,” CIMB Bank Philippines Chief Executive Officer Vijay Manoharan said.
Digital personal loan applications, meanwhile, registered 160-percent growth as loan disbursement grew by sixfold. CIMB said the growth was due to its all-digital, quick loan application process via the mobile application.
The digital bank added that it was promoting responsible borrowing habit by launching a loan loyalty program. This offering rewards customers who have a good payment record with interest rebates of up to 30 percent.
This year, CIMB said it is set to launch new products and services in a bid to make banking more accessible in the country.
“We want to give back to more Filipinos who work hard to earn and save,” Manoharan said. “We strongly believe this is the foundation of getting more people to move forward in their lives.”
