CIMB Bank gets regulatory sandbox approval for e-KYC

KUALA LUMPUR: CIMB Bank Bhd has become the first bank in Malaysia to receive regulatory sandbox approval for electronic Know-Your-Customer (e-KYC) to enhance its consumer banking proposition.

e-KYC is a paperless and electronic method of verifying the identity of customers, set to be a viable replacement to existing face-toface verification requirement in today’s fastpaced mobile-defined world.

CIMB Group CEO of group consumer banking Samir Gupta said: “This is a significant milestone for CIMB, paving the way for our e-KYC proposition to further enhance and transform our already strong digital proposition, which currently facilitates more than 95% of our customers’ transactions via digital and self-service platforms.

The e-KYC is designed with customers’ convenience in mind and will be in addition to existing instant online approval for credit cards, eliminating the need for them to visit a branch.”

New bank customers can apply for a credit card and personal loan seamlessly via the bank’s website, whereas existing customers could do so via the popular online banking portal CIMB Clicks or even through its nationwide network of ATM machines.

“The digital banking landscape has already been reshaped by the high and growing mobile usage.

“As one of the focus areas under the Group’s T18 Strategy, we have been improving and enhancing our digital banking experience, which is already enjoyed by our customers in Malaysia, Indonesia, Singapore and Thailand.

“Soon we will also extend our digital banking offerings to our new markets, Vietnam and the Philippines,” Samir noted.

Following the Philippines’ banking sector liberalisation in 2014, on Nov 16, CIMB became the first Malaysian banking group to receive approval from the Monetary Board of the Bangko Sentral ng Pilipinas to establish wholly-owned operations with full banking authority.

CIMB Bank was awarded “Best Retail Bank in Malaysia” by The Asian Banker this year due to its strong digital banking proposition. Its key capabilities such as instant approvals and disbursement, digital onboarding, online signature and document uploads have been successfully embraced by customers and are testified on many fronts:

> Its mobile users grew 45% this year through significant enhancement to its mobile banking app this year.

> Over 80% of its customers’ account opening is paperless.

> Fifty percent of its credit card and personal loan applications are paperless and with instant decision.

> Its paperless current and savings accounts opening can be completed in just over five minutes.

> CIMB will soon launch paperless and instant decisioning on mortgage and hire purchase loan applications.