CIMB Bank Philippines has teamed up with biometrics firm Zoloz to further strengthen its digital banking services and help improve financial inclusion in the country with digital technologies.
Through the partnership, CIMB Bank Philippines will leverage Zoloz’s eKYC (electronic Know Your Customer) solution for frictionless user onboarding and enhanced payment experience. This is expected to make financial services more accessible and inclusive to Filipinos, 70% of whom are still unbanked, according to data from the Philippine central bank.
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.
The solution also helps financial institutions adhere to regulatory compliance more easily, thanks to its rich model and comprehensive risk management engine that promises high accuracy and reduce identity fraud.
“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,” said Vijay Manoharan, CEO of CIMB Bank Philippines.
“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,” added Manoharan.
The uptake of financial services among Filipino adults grew significantly in recent years, according to the Bangko Sentral ng Piipinas’ 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.