CIMB introduces 2 digital solutions for individual, SME customers

PETALING JAYA: CIMB Bank Bhd and CIMB Islamic Bank Bhd have introduced two digital-first solutions for customers, namely the online-to-branch account opening process for individual banking customers and Biz Financing Portal for small and medium enterprises (SMEs).

These paperless solutions are aimed at making CIMB’s banking offerings more accessible, providing safety and convenience by leveraging digital capabilities to enhance customer experience.

Individual customers are now able to submit their application, to open a current or savings account, online via CIMB’s new online-to-branch account opening process. Customers can prefill an account opening e-form on CIMB’s website to initiate the process.

Once submitted, customers are able to make use of a dedicated e-account opening priority queue available in all branches for the last step of their application, which is the Know-Your-Customer due diligence, to complete the account opening. This solution has been rolled out to all branches nationwide and has since reduced the service time for account opening by more than 50%.

As for SMEs, they will now be able to submit financing applications online at CIMB’s Biz Financing

Portal. The portal will enable SME customers to upload documents and submit loan applications

entirely online, providing convenience by eliminating the need to visit a branch. The portal was

launched on July 13, 2020, and customers can now utilise the portal to apply.

CIMB group chief strategy & design officer Gurdip Singh Sidhu said the introduction of these digital-first initiatives matter more than ever under the new normal of banking and payments today. These initiatives are aligned with CIMB’s two main pivots of Forward23, which are customer and tech & data, aiming to digitise and simplify its products and processes to provide a more seamless and convenient banking experience to customers.

“Digitalising our banking process also addresses the social distancing considerations to protect

the well-being of our customers and employees by significantly reducing the amount of physical

interaction required. The current situation has and will certainly reshape customers’ banking

behaviour going forward and we are accelerating our pace of innovation to deliver the best value

proposition to meet their demand while keeping them and our employees safe at all times,” he

said in a statement.

Complementing CIMB’s Biz Financing Portal is the Amazing Customer Experience (ACE) productivity tool for the bank’s relationship managers (RMs), that enables them to submit loan applications from commercial customers for processing online.

Live since Nov 11, 2019, the mobile productivity tool is equipped with optical character recognition and natural language processing capabilities for robotic process automation, allowing RMs to extract data securely and efficiently to autofill required details. This cuts processing time by reducing manual data entry and automating loan processing. Clients will also receive automatic notifications on their application status, ensuring full transparency. With ACE, RMs remain safe and productive while continuing to serve customers’ needs remotely.

These solutions are part of CIMB’s on-going initiatives to improve end-to-end customer experience. Moving forward, the bank will continue with its digitalisation efforts to enhance customer experience and support customers’ needs, particularly in the Covid-19 environment.