How CIMB Bank PH is changing the way Filipinos bank
So, you want to open a savings account. You gather all your documents and requirements, find the time to go to your nearest branch, and then you line up until your number gets called. Congratulations! You have successfully opened a savings account, but the next thing you know, you have already spent hours in the branch and already exhausted. You think to yourself that banking shouldn’t be like this. I think we can all agree.
The good news is, there’s a way to open a savings account in minutes, straight from your smartphone, and all digital. That’s what CIMB Bank Philippines is presenting to its customers.
As the world continues to adjust in response to the COVID-19 pandemic, digital banking has become more necessary than ever.
To get you acquainted, CIMB Bank Philippines is an all-digital, mobile-first bank in the country, but has already onboarded over 2 million customers since December 2018.
Although relatively new in the Philippines, CIMB Bank Philippines is a member of the CIMB Group (headquartered in Kuala Lumpur, Malaysia), one of ASEAN’s leading banks and is present in over 16 global markets. It also has secured 9 international awards including Best Digital Bank of 2020 by Global Finance, Best Consumer Digital Bank by Asian Banker, and Fastest Growing Digital Bank by International Finance.
What does it offer to Filipino customers?
Banking is usually a tedious process. Opening an account alone usually requires the customer to line up in the bank with cash and documents at hand. It takes time and effort which is a limited resource that not a lot of people have in today’s busy world.
CIMB Bank Philippines wants to make banking fast and effortless for Filipinos by offering digital banking solutions. Instead of people going to banks, CIMB Bank Philippines brings banking to the customers with their mobile app.
The CIMB Bank PH mobile app has two products: ‘UpSave Account’ for a savings account, and ‘Personal Loans.’ Check out their features below:
The UpSave account offers clients with 4% per annum interest rate, paid out at the start of every month. No conditions. No promo period. It also doesn’t require an initial deposit upon opening nor a minimum balance. You can withdraw funds any time without penalty charges. You can easily open an all-digital account through your phone in just 10 minutes.
UpSave Account Holders with a minimum average balance of PHP 100,000 can also get up to PHP 2 million worth of life insurance coverage, with zero fees, zero monthly premium, and no medical check-up required.
CIMB Bank also offers two other savings account products: GSave, available through their partner e-wallet, GCash, that can provide as high as 4.1% interest; and Fast Plus, which can come with a VISA PayWave debit card, which account holders can access through over 20,000+ ATMs nationwide for free. Account-holders will also have access to over 8,000+ convenience partners to make their transactions, such as 7-Eleven, Bayad Center, PESONet, and DragonPay.
If you need to request a personal loan, the usual process involves going to your bank, fill out forms, and wait for the approval. Unfortunately, not everyone has the time to go through the whole process.
In the case of CIMB Bank PH’s Personal Loans, it also focuses on convenience as the application is all-digital. There’s no need to make an appearance, doesn’t require any processing fee, and doesn’t have hidden charges. You can basically apply for a personal loan almost anytime, anywhere.
For the loan amount, customers can apply between PHP 30,000 up to PHP 1 million and are payable from 12 months to 60 months.
Is it safe?
Being an all-digital, mobile-first bank, CIMB Bank implements multiple security layers to make sure that transactions are safe and secure.
CIMB Bank Philippines also partnered with an ID and identity verification company based in Palo Alto, California, to integrate its AI-identity verification technology to the CIMB Bank PH mobile app.
Its identity verification solution uses machine learning, Artificial Intelligence, and certified liveness detection and face-based biometrics to ensure the person behind a digital transaction is who they say they are by matching a user’s live selfie with the photo shown on their government-issued ID. This allows CIMB Bank PH to securely onboard customers in less than five minutes.
• MPIN – Or Mobile PIN is a 6-digit combination set by the account holder as a form of verification for every transaction on the app. To ensure protection from fraud, they notify customers in real-time via SMS, app-push notifications, and/or electronic direct mail (EDM) when there’s a movement in the account.
• Biometric Login – With the help of Artificial Intelligence (AI)-driven identification verification tech, account holders can also access their money on the app through fingerprint or facial recognition.
• 1 User, 1 Device – CIMB Bank has a one-device policy set in place to ensure that every account is tagged only to one device at a time.
The three features mentioned above work together to make sure that you can easily open an account, conveniently access your funds, while at the same time protect you from fraud and identity theft.
Should you open an account with CIMB Bank PH?
I have already tried opening an account using the CIMB Bank PH mobile app and I was able to complete the process in minutes. Aside from the all-digital process of opening an account and high savings interest rate, you can get a free CIMB debit card, pay bills, and transfer funds to other CIMB Bank account holders or to other banks via PESONet and dragonpay.
To answer the question, yes, you should. Filipinos deserve safe and convenient banking and the CIMB Bank PH mobile app can provide you with that.
To know more about CIMB Bank in the Philippines, click here.
The CIMB Bank PH app is available as a free download on the Google Play Store and the Apple App Store. Click on the links below.