CIMB reports 800% jump in deposits

MANILA, Philippines — CIMB Bank Philippines reported an 800 percent jump in its deposits balance sheet as it continued to offer higher interest rates compared to other banks.

The all-digital only bank managed to double its customer base to exceed three million, of which 30 percent claimed CIMB to be their first bank account.

Vijay Manoharan, chief executive officer at CIMB Bank Philippines, said the bank wants to give back to more Filipinos who work hard to earn and save.

“By continuously improving our products, we enable Filipinos to seize their life goals by providing them with the best-in-market deposit products that allow them to earn as high as four percent interest rate per annum coupled with free life insurance of up to P250,000,” Manoharan said.

CIMB Bank Philippines is launching new and revolutionary products and services this year to further change the banking landscape and give more Filipinos access to services and stay true to keeping its position as the country’s top digital bank.

Due to the shift in consumer behavior due to mobility restrictions, CIMB Bank said average balance per customer and average cash-in per customer increased by 350 percent and 400 percent, respectively as the bank continues its mission to encourage more Filipinos to save and to promote financial literacy.

According to CIMB, 90 percent of survey respondents are looking for best deposit interest rates, while 75 percent prioritize ease of opening a bank account.

Likewise, more than half of survey respondents are looking for bonus insurance coverage.

These three features have been the core of CIMB Bank Philippines’ customer value proposition with its four percent savings interest rate, 10-minute bank account opening process, zero fees and a bonus free insurance coverage given to eligible customers to ensure that while they save, they are also protected with insurance.

To serve a wider customer base and to ensure more Filipinos have access to protection via insurance coverage, CIMB Bank Philippines improved its insurance offering.