CIMB first to get regulatory sandbox approval

KUALA LUMPUR: CIMB Bank Bhd has moved ahead of the digital banking curve after it became 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-to-face verification requirement in today's fast-paced mobile-defined world, CIMB said in a statement on Friday.

CIMB Group consumer banking chief executive officer Samir Gupta said the e-KYC proposition would further enhance and transform CIMB's already strong digital proposition, which currently facilitated more than 95% of its 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," Gupta said.

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 through its nationwide network of automated teller machines.

These have created a seamless multi-channel experience for customers, providing them speedy, convenient access to the banking products that they need at any place, any time, said Gupta.

“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,” said Gupta.

Following the liberalisation of Philippines' banking sector in 2014, 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 is the consumer banking arm of CIMB Group, offering retail and commercial banking services. - Bernama