KUALA LUMPUR, September 12 – CIMB Bank Berhad has secured the esteemed title of Best Bank in Malaysia at the renowned Euromoney Awards for Excellence 2023. This recognition serves as a testament to CIMB’s pivotal role as a trailblazer in the Malaysian banking sector. The award underscores the bank’s strategic strides in digitalization and its unwavering dedication to providing cutting-edge solutions that effectively cater to the evolving needs of its customer base.
Effendy Shahul Hamid, Chief Executive Officer of Group Consumer and Digital Banking at CIMB Group, expressed his sentiments regarding this prestigious accolade, stating, “This recognition is a testament to our people and their unwavering commitment in providing the best financial products and services to meet our customers’ needs, backed by technology and digital enablement. Our customers inspire us to continue raising the bar, and we thank them for putting their trust in us as their preferred banking partner. 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.”
CIMB’s proactive approach to digitalization has been the cornerstone of its effort to revamp the banking experience for its customers. Noteworthy accomplishments include its focus on Customer Acquisition Saving Account (CASA), as well as its CIMB OctoSavers Account-i, which introduces fully digital electronic Know-Your-Customer (e-KYC) account opening functionalities and end-to-end online onboarding processes. These digital advancements have been met with enthusiasm, evident in the 94% year-on-year growth in total deposits for the CIMB OctoSavers Account-i by the end of 2022.
Moreover, CIMB has diligently enhanced its CIMB Clicks and CIMB OCTO Apps, the latter having made its debut in 2022. These enhancements reflect the bank’s commitment to delivering a superior digital-first banking experience. Focused on digital empowerment and improvements in functionality and reliability, CIMB has also introduced additional security measures, assuring customers the convenience, security, and confidence to conduct banking activities seamlessly. CIMB’s digital approach has yielded remarkable outcomes, with digital adoption propelling transaction growth among its clientele. As of end-2022, an impressive 80% of CIMB’s customers have embraced digital activities, with active CIMB Clicks users recording a Compound Annual Growth Rate (CAGR) of 13.9% over the past three years.
Mobile users of CIMB Clicks have also surged by 38% since 2020. Notably, digital transactions now constitute 71% of the bank’s total transactions by value, marking an 11% increase from the previous year. Moreover, CIMB’s focus on innovation has permeated its products and services, forming an integral part of its digital empowerment initiatives. The SpeedSend remittance service, accessible through CIMB Clicks, offers seamless international fund transfers with a user-friendly interface. This solution has been met with enthusiasm, demonstrated by its continuous growth in both volume and income for cross-border remittance.
CIMB’s ongoing investments in data and digital capabilities have equipped it to deliver value-added insights and solutions to its customers. These pioneering solutions, driven by machine learning and AI capabilities, have significantly contributed to the bank’s digital-led sales and acquisition efforts, fostering growth in credit card applications, personal loan requests, and unit trust transactions. In the Euromoney Awards for Excellence 2023, the performance of over 600 financial institutions from across the globe was meticulously assessed. The program received an impressive 1,700 submissions from banks, covering over 50 regional awards and best bank awards in 100 countries, underlining the prestige and rigor associated with the Euromoney recognition.