15th August 2023 - 3 min read
CIMB Bank has been crowned the Best Bank in Malaysia at the Euromoney Awards for Excellence 2023, in acknowledgement of its progressive approach to digitalisation and efforts to provide innovative solutions to meet its customers’ evolving needs.
One such solution is the CIMB OctoSavers Account-i offering, which features a fully digital eKYC account opening functionality and end-to-end online onboarding process. This particular product – which was launched back in 2021 – has been well-received, seeing a 94% year-on-year total deposit growth as of end-2022.
In addition to the CIMB OctoSavers Account-i, the bank’s CIMB Clicks and newer CIMB OCTO mobile banking apps have also received continuous enhancements to provide a superior digital-first banking experience. These include initiatives to introduce more digital solutions on the apps, enhance their functionality and reliability, as well as add more security measures.
CIMB also innovated various other products and services as part of its digital drive, including its SpeedSend remittance service to deliver an easier and more user-friendly international fund transfer experience. The use of machine learning and AI capabilities further contributed to growth in credit card and personal loan applications, as well as unit trust transactions – among other things.
Ultimately, these digital initiatives have yielded positive results in driving transaction growth among customers; as an example, statistics showed that 80% of CIMB customers are digitally active on its platforms. More specifically, the number of active CIMB Clicks users recorded an annual growth rate of 13.9% over the past three years, whereas CIMB Clicks mobile users increased by 38% since 2020. On top of that, 71% of the bank’s total transactions by value is made via digital transactions, up by 11% from the previous year.
The chief executive officer of group consumer and digital banking for CIMB Group, Effendy Shahul Hamid said that the Best Bank in Malaysia award by Euromoney is a testament to CIMB’s commitment in delivering the best financial products and services to its customers, supported by the bank’s advanced technology. “Driven by a culture of innovation, we will strive to avail best-in-class solutions that deliver value and enable our customers to bank and transact conveniently, and safely,” he said.
The Euromoney Awards for Excellence 2023 is an annual ceremony that seeks to acknowledge and recognise banks around the world for their excellent performances in a variety of segments. For this particular round, the awards programme saw a record number of 1,700 submissions to compete in more than 50 regional awards and best bank awards in 100 countries.
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world