15 August 2023
The accolade underscores CIMB’s leadership in innovation, digitalisation and providing the best products and services to its customers
Kuala Lumpur: CIMB Bank Berhad (“CIMB” or “the Bank”) has been named the Best Bank in Malaysia at the Euromoney Awards for Excellence 2023 in recognition of CIMB's position as a leader in the Malaysian banking industry. The accolade underscores CIMB's progressive approach to digitalisation and providing innovative solutions that cater to the diverse and evolving needs of its customers.
Effendy Shahul Hamid, Chief Executive Officer, Group Consumer and Digital Banking, CIMB Group, said, “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."
Through digitalisation in its products and services, CIMB has been proactively enhancing and transforming the banking experience for its customers. Among the Bank’s achievements are its focus on CASA acquisition, as well as its CIMB OctoSavers Account-i offering with fully digital electronic Know-Your-Customer (“e-KYC”) account opening functionality and an end-to-end online onboarding process. The digital proposition has been well-received, as total deposits in the CIMB OctoSavers Account-i grew by 94% year-on-year as at end-2022.
The Bank has also been continuously enhancing its CIMB Clicks and CIMB OCTO Apps, with the latter being introduced in 2022, as part of its commitment to providing a superior digital-first banking experience. Besides accelerating digital enablement of its solutions and enhancements to functionality and reliability, additional security measures have also been introduced so customers can bank conveniently, securely and confidently at all times.
CIMB’s approach to digital has seen positive results, with digital adoption driving transaction growth among its customers. As at end-2022, 80% of CIMB’s customers are digitally active, as the number of active CIMB Clicks users registered a compounded annual growth rate (“CAGR”) of 13.9% over the past three years. CIMB Clicks mobile users have also increased by 38% since 2020. Digital transactions today make up 71% of the Bank’s total transactions by value, an increase of 11% from the past year.
In addition, CIMB continues to innovate in its products and services as part of its digital enablement initiatives. Its SpeedSend remittance service, available via CIMB Clicks, delivers an easy and user-friendly experience for international fund transfers. The solution has been well-received with continued growth in both volume and income for cross-border remittance.
CIMB’s ongoing investments into data and digital capabilities has also enabled it to provide customers with value add insights and solutions. These innovative solutions powered by machine learning and AI capabilities have contributed significantly to its digital-led sales and acquisition, resulting in growth in credit card applications, personal loan applications, and unit trust transactions.
In this year’s awards programme, Euromoney assessed the performance of more than 600 financial institutions from across the world with a record number of 1700 submissions from banks in its regional and country awards programme covering more than 50 regional awards and best bank awards in 100 countries.
