Kuala Lumpur, 15 August 2023 — CIMB Bank Berhad, a prominent figure in the Malaysian banking sector, has been crowned the Best Bank in Malaysia at the esteemed Euromoney Awards for Excellence 2023. This prestigious accolade solidifies CIMB’s stature as a frontrunner in the industry and underscores its pioneering efforts in digitalisation, alongside its dedication to offering innovative solutions tailored to the dynamic and evolving needs of its customers.
CIMB’s unwavering commitment to digitalisation, coupled with its dedication to delivering inventive products and services, has played a pivotal role in securing this honourable recognition. The bank’s approach has enabled it to elevate and reshape the banking experience for its customers. Among its notable accomplishments are its emphasis on Customer Account Savings Account (CASA) acquisition and the successful rollout of the CIMB OctoSavers Account-i, featuring a fully digital electronic Know-Your-Customer (e-KYC) account opening process. These digital offerings have been met with enthusiasm, resulting in a remarkable 94% year-on-year growth in total deposits in the CIMB OctoSavers Account-i by the close of 2022.
Effendy Shahul Hamid, Chief Executive Officer of Group Consumer and Digital Banking at CIMB Group, expressed his pride in receiving this recognition. He remarked, “This accolade underscores our team’s steadfast dedication to offering outstanding financial products and services that cater to our customers’ needs, bolstered by technology and digital innovation.”
He further emphasised, “Our customers serve as our inspiration to consistently push boundaries, and we express gratitude for their trust in us as their preferred banking partner. Guided by a culture of innovation, we remain committed to delivering first-rate solutions that bring value and facilitate convenient and secure banking and transactions.”
CIMB’s steadfast commitment to digitalisation has yielded tangible results, evident in the surge in digital adoption and transaction growth among its customers. By the end of 2022, a remarkable 80% of CIMB’s customers were digitally engaged, and the number of active CIMB Clicks users experienced a compounded annual growth rate (CAGR) of 13.9% over the past three years. Moreover, digital transactions now constitute 71% of the bank’s total transactions by value, reflecting an 11% rise from the previous year.
The bank’s strategic investments in data and digital capabilities have empowered CIMB to provide customers with value-added insights and solutions, fuelled by state-of-the-art machine learning and AI capabilities. These innovations have played a significant role in driving growth in digital-led sales and acquisition, including an upswing in credit card and personal loan applications, along with unit trust transactions.
CIMB’s exemplary performance was acknowledged in Euromoney’s awards programme, where it outshone over 600 financial institutions from around the globe. The programme encompassed more than 1700 submissions from banks vying for regional and country awards in over 100 countries.
With this distinguished recognition, CIMB continues to demonstrate its commitment to innovation, digitalisation, and customer-centric solutions, cementing its status as a leading force in the Malaysian banking landscape.
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