CIMB's all-digital bank model in PH set to achieve 500% deposit growth in 2020
MANILA, Philippines, July 24, 2020 /PRNewswire/ -- CIMB Bank Philippines foresees 500% increase in deposits by end-year, following a reported 160% surge of average cash-in per customer in the second quarter of 2020.
CIMB's customer acquisition heightened throughout April to June, with significant increase in deposits, allowing the bank to already surpass its 2020 deposit target. Spiking during the country's community quarantine period, CIMB saw growth in savings account openings and personal loan applications. It also expects to surpass its initial target of four million customers and now targets five million within the next year.
Last June, CIMB recorded its highest monthly loan disbursement. Fifty-one percent of successful loan applicants were first time loanees, while 98% with outstanding loans expressed willingness to apply 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 recognize that we are in a unique position to provide our customers with accessible solutions, especially during this period wherein digital adoption is necessary for individuals and businesses."
"Our entry into the Philippine market has always been about catering to the underserved as we aim to change the banking landscape in the country," he shared. "The challenges this pandemic has presented to us have only fueled us to do more as we continue to find ways to support our customers, with our commitment to leading Filipinos into financial freedom."
Manoharan shared that the effectiveness of their platform banking model allows accountholders to expect the launch of more partnerships within the next few months bringing more value and benefits to customers.
CIMB Bank Philippines is an all digital mobile-first and multi-awarded bank who is able to sign-in over 2,500,000 customers since their first year of operations; and who is able to secure 12 awards including Global Finance's Best Digital Consumer Bank and Asian Banker's Best Digital Bank.
CIMB Bank Philippines is part of the CIMB Group, one of ASEAN's leading banks and is present in over 16 global markets. With the establishment of CIMB Bank Philippines, CIMB is able to extend its reach and transform the Filipino banking experience. To learn more, visit us at www.cimbbank.com.ph or like us on Facebook and follow us on Instagram @CIMBBankPH. Download CIMB Bank PH app in Apple & Google Play stores today.
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