CIMB Bank Philippines has joined forces with Zoloz to enhance its digital banking services with an aim to drive financial inclusion in the country.
The tie-up will see CIMB Bank use Zoloz’ eKYC solution RealID to streamline customer identity verification process, remove paper-based procedures, thereby cutting down expenses and time associated with manual verification.
Zoloz’ eKYC solution is said to leverage the AI model and comprehensive risk management engine to ensure accuracy and reduce identity fraud.
CIMB Bank claims to have onboarded over five million depositors and one million lending customers since 2018.
Commenting on the alliance with Zoloz, CIMB Bank Philippines CEO Vijay Manoharan said: “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.
“Zoloz, with its cloud-based, fully automated, and cost-effective eKYC solution, is the right fit to support our strategy. As a trusted partner, Zoloz will help improve digital connectivity for us to reach more of the country’s unbanked population.”
Zoloz general manager Chen Jidong said: “We are excited to collaborate with CIMB Bank Philippines to promote financial inclusion and bring benefits to the unbanked community in the country.”
Notably, 70% of Filipinos are still unbanked, which has been changing lately, Zoloz said, citing Bangko Sentral ng Pilipinas’ report.