CIMB counts on new investment platform to boost sales
KUALA LUMPUR: CIMB Group Holdings Bhd expects its newly launched CIMB F.I.R.S.T. investment platform to boost the sales of its various banking products.
The digital platform, a first-of-itskind, allows a customer to choose an online profile that best suits him.
It then suggests the most suitable proposition covering savings, financing, insurance, investments and credit card options – depending on the individual’s income level and financial obligations.
CIMB group consumer banking, preferred banking and segments regional head Desmond Teoh said the newly launched CIMB F.I.R.S.T. platform would help customers simplify selecting a second or third financial product offering by CIMB.
“We get about 60,000 new customers a month. However, about 90% of them will apply for one product – for instance, a savings account – and that’s it! But CIMB F.I.R.S.T will help customers simplify selecting a second or third financial product.
“With this platform, we can tell you which is the best savings account for you and at the same time, help introduce a simple insurance or unit trust product,” he said at the launch of CIMB F.I.R.S.T. – which stands for finance, insure, returns, save and transact.
Teoh said CIMB had a soft launch of the platform three months ago and saw encouraging results.
“We are already seeing a 15% increase in a second product takeup in the last three months. So I think double-digit growth in a second or third product take-up is what we’re going for.”
CIMB F.I.R.S.T. facilitates the needs of customers from various profiles, including students, single professionals, married persons, retirees, expatriates and entrepreneurs.
Last month, CIMB group chief executive officer Tengku Datuk Seri Zafrul Aziz was quoted as saying that the group could record a return on equity (RoE) of 10.5% to 11% in its current financial year ending Dec 31, 2018, underpinned by sustained earnings growth. CIMB registered an RoE of 9.6% in 2017.
CIMB’s net profit in 2017 jumped 25.5% to RM4.47bil compared with RM3.56bil a year ago. The figure falls shy of its record RM4.54bil achieved in 2013.