CIMB's all-digital bank model in the PH poised to increase deposit growth by 500% in 2020
MANILA, Philippines, July 20, 2020 /PRNewswire/ -- 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.
CIMB's momentum for customer acquisition stood strong throughout April to June, with the significant increase in average deposits allowing CIMB Bank PH to already surpass its 2020 deposit target.
The spike coincides with the first three months of the country's community quarantine, wherein the most-awarded 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. Fifty-one percent of CIMB's 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 recognize 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 that the CIMB Bank Philippines team had over the past three months was the effectiveness of their platform banking model for their business operations and customers. With this, CIMB's Philippine base has since been recognized 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. CIMB Bank will be bringing their expertise in risk and credit management to help bring the credit product to more Filipinos.
CIMB Bank Philippines 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.
Throughout the local community quarantine, the all-digital bank has launched other initiatives to support their customers adjust to the effects of the pandemic; So far, they've helped more than 6,000 families and 73,000 individuals, with donations amounting to P1,000,000 through their efforts with Rise Against Hunger Philippines, UP Medical Association, and GCash.
"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 that 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, CIMB Bank accountholders 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.
To know more about CIMB Bank Philippines' offerings and services, you may visit: https://www.facebook.com/CIMBBankPH/
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.
Related Links :