CIMB improves accessibility of high-demand products online
10 November 2020
Online transactions, including the purchase of products via digital channels, have grown rapidly, reflecting the accelerated adoption of digital banking in the current environment.
Kuala Lumpur: CIMB Bank Berhad and CIMB Islamic Bank Berhad (collectively “CIMB” or “the Bank”) have accelerated the availability of the Bank’s suite of high-demand products for purchase via digital channels. This is to better support customers’ banking product needs, in an easy and secure manner, in line with the accelerated adoption of digital banking services driven by the pandemic.
Customers can now apply for a wide range of CIMB products, including remittance, unit trust investments, motor insurance, bank accounts, credit cards, Cash Plus Personal Loans, time deposit placements, travel currency and e-Gold Investment Account (“eGIA”), to name a few. The availability of these products digitally significantly reduces the need for customers to visit Bank branches, while providing a fast and seamless process for customers to purchase banking products.
CIMB has seen encouraging growth in digital adoption by customers, as online sales of e-Gold grew by nearly 1200% while online sales of investment products grew by over 571% year-on-year (“YoY”) as at September 2020.
Samir Gupta, CEO, Group Consumer Banking, CIMB Group said, “CIMB has always placed our customers at the heart of everything we do. Enabling them to purchase our products digitally represents a natural extension to their digital banking experience. In the current environment, we have seen a major trend of customers looking for more ways to save and invest online, and as such we want to better support their needs.”
“Customer centricity is a strategic focus under our Forward23+ strategy. In line with this, CIMB aims to constantly enhance our digital banking experience, which has become the primary banking experience for many people. We look forward to introducing more digital solutions to make banking even more seamless and secure, complementing today’s mobile-first customer lifestyle,” he added.
This initiative is part of CIMB’s ongoing effort to rapidly expand its digital offerings, given social distancing norms. In August 2020, CIMB announced the availability of its Secure Home insurance and selected SOMPO Motor and other general insurance products distributed by CIMB for purchase digitally. Additionally, customers looking to invest in gold can open the eGIA account which provides the flexibility to buy or sell gold anytime via CIMB Clicks. CIMB’s remittance product, SpeedSend, has preferential live rates in a single-view within CIMB Clicks for customers’ convenience.
In July 2020, CIMB announced its online-to-branch bank account opening for individual banking customers. The solution allows customers to submit their application to open a current or savings account online, by filling an e-form on CIMB’s website. Once submitted, customers can make use of a dedicated e-account priority queue in any CIMB branch to pick up the debit card as the last step. This solution has reduced the service time for account openings by more than 50%, and over 8,000 customers have made use of this solution since its rollout.
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