CIMB Philippines recently revealed that it has teamed up with Zoloz, an e-KYC tech provider, in order to enhance its virtual banking services.
The banking institution will reportedly use Zoloz’s digital KYC solution for supporting secure and seamless customer onboarding as well as an improved payment experience, making financial services a lot more accessible and inclusive to consumers in the Philippines.
Zoloz’s RealID eKYC solution aims to improve the customer identity verification process for financial institutions. It effectively eliminates inefficient paper-based procedures, and also lowers the cost and time spent on performing manual verification. This leads to quicker onboarding and an improved customer experience (CX).
The e-KYC solution also assists financial institutions with following applicable regulatory guidelines with its robust AI model and extensive risk management engine that is able to guarantee greater accuracy while lowering identity fraud.
CIMB Bank Philippines CEO Vijay Manoharan stated:
“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.”
Chen Jidong, GM at Zoloz, remarked:
“We are excited to collaborate with CIMB Bank Philippines to promote financial inclusion and bring benefits to the unbanked community in the country. 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 adults in the Philippines grew considerably in recent years, according to the BSP‘s 2019 financial inclusion report.
Account ownership, a key indicator of financial inclusion, has improved – with 5.1 million residents opening formal accounts since their previous survey back in 2017.
The adoption of digital technologies, like eKYC, is key to “making the account-opening process easier and more accessible, hence achieving further financial inclusion,” according to a release.
