ONE of the fastest growing banks offering digital banking products, CIMB Bank Philippines, recently announced that it has collaborated with Zoloz, an eKYC (Electronic Know Your Customer) technology provider to further strengthen its digital banking services fast growing and improving financial inclusion in the country with digital technologies.
“With the vision of fostering financial inclusion in the Philippines, we have onboarded over five million depositors and one million lending customers since 2018,” said Vijay Manoharan, Managing Director of CIMB Bank Philippines.
“The next phase of our growth strategy is to strengthen our banking platform model, integrate our solutions into more services and platforms, and make our services an integral part of the life of a greater number of Filipinos – whether it is to save for their future, get easy access to loans or credit, or meet their insurance needs to protect themselves,” he added.
Under the terms of the agreement, CIMB Bank Philippines would leverage Zoloz’s eKYC solution for seamless user onboarding and an improved payment experience, making financial services more accessible and inclusive for Filipinos, 70% of whom are still not not banked.
Zoloz’s RealID eKYC solution streamlines the entire customer identity verification process for financial institutions, eliminating paper-based procedures and reducing the cost and time spent on manual verification. This results in faster onboarding and an improved customer experience.
The solution also helps financial institutions meet regulatory compliance more easily, thanks to its rich AI model and comprehensive risk management engine that could ensure high accuracy and reduce identity fraud.
“Zoloz, with its cloud-based, fully automated and cost-effective eKYC solution, is the ideal solution to support our strategy,” Manoharan said. “As a trusted partner, Zoloz will help improve digital connectivity to enable us to reach more of the country’s unbanked population.”