CIMB Bank Philippines, one of the fastest-growing banks offering digital banking products, today announced that it has collaborated with Zoloz, an eKYC (electronic Know Your Customer) technology provider to further strengthen its fast-growing digital banking services and to improve financial inclusion in the country with digital technologies.
Under the terms of the agreement, CIMB Bank Philippines will leverage Zoloz’s eKYC solution for frictionless user onboarding and enhanced payment experience, making financial services more accessible and inclusive to Filipinos, 70%[1] of whom are still unbanked.
Zoloz’s RealID eKYC solution streamlines the whole customer identity verification process for financial institutions, eliminates paper-based procedures, and reduces the cost and time spent on manual verification. This results in a faster onboarding and an enhanced customer experience.
The solution also helps financial institutions adhere to regulatory compliance more easily, thanks to its rich AI model and comprehensive risk management engine that can guarantee high accuracy and reduce identity fraud.
Vijay Manoharan, CEO of CIMB Bank Philippines, said: “With the vision to drive financial inclusion in the Philippines, we have onboarded more than five million depositors and one million lending customers since 2018. The next phase of our growth strategy is to strengthen our platform-banking model, embed our solutions to more services and platforms, and make our services an integral part of more Filipinos’ lives – whether that’s to save for their future, get easy access to loans or credit, or meet their insurance needs for protection.”
“Zoloz, with its cloud-based, fully-automated, and cost-effective eKYC solution, is the right fit to support our strategy. As a trusted partner, Zoloz will help improve digital connectivity for us to reach more of the country’s unbanked population.”
“We are excited to collaborate with CIMB Bank Philippines to promote financial inclusion and bring benefits to the unbanked community in the country,” said Chen Jidong, General Manager of Zoloz. “Our proven eKYC solution will assist CIMB Bank Philippines to bring seamless and reliable services to its digital banking customers.”
The uptake of financial services among Filipino adults grew significantly in recent years, according to the BSP’s 2019 financial inclusion report. Account ownership, a basic indicator of financial inclusion, has improved – with 5.1 million Filipinos opening formal accounts since their previous survey in 2017. The adoption of digital technologies, such as eKYC, is key to making the account-opening process easier and more accessible, hence achieving further financial inclusion.