CIMB Bank Philippines and biometrics firm Zoloz, have joined forces to improve digital banking services and use digital technology to increase financial inclusion in the country.
CIMB Philippines is slated to utilise Zoloz’s e-KYC (electronic Know Your Customer) solution to facilitate smoother user onboarding and improved payment experience.
The RealID e-KYC solution simplified the entire customer identity verification process for financial institutions; does away with paper-based documents; and cuts costs and time on manual verification. Additionally, it makes regulatory compliance easier for institutions with its comprehensive risk management engine that ensures high accuracy and reduces identity fraud.
This is expected to improve the accessibility and inclusivity of financial services to Filipinos, 70% of whom remain unbanked based on data from the Bangko Sentral ng Pilipinas (BSP).
CIMB Bank Philippines CEO Vijay Manoharan reported that they “have onboarded more than five million depositors and one million lending customers since 2018.” He adds that they look forward to establishing their platform-banking model, securing their solutions to more services and platforms, and making their services “an integral part of more Filipinos’ lives.”
While 70% of Filipinos are still unbanked, the Bangko Sentral ng Pilipinas (Central Bank of the Philippines) released a report in 2019 showing that account ownership, a basic indicator of financial inclusion, increased to 5.1 million Filipinos opening formal accounts since the last survey in 2017.
