The way we do banking activities is changing, the pandemic has shone bright lights on areas that does not work where physical activity becomes near impossible, financial institutions will have to replace all things done at the counter, online and with eKYC this task is now possible.
eKYC is short for ‘Electronic Know Your Customer’ a digital signature application that can securely verify users over the system, this new technology is accepted by Bank Negara Malaysia and is currently being implemented by the banks. CIMB Islamic Bank Berhad has taken a quick approach in this aspect and has recently launched a savings account and debit card application entirely built on digital with customers not required to step foot at a branch. The CIMB OctoSavers Savings Account-i and Octo Debit Mastercard will be the bank’s first all-digital Islamic account, where new customers can open accounts with onboarding process is self-executed entirely online while the card will be mailed to the customer.
Samir Gupta, Chief Executive Officer, Group Consumer Banking, CIMB Group said, “The introduction of the OctoSavers Account-i and Octo Debit Mastercard is a significant milestone in CIMB’s digital banking journey and is particularly timely in the current COVID-19 environment. The pandemic has not only fast tracked our digitisation initiatives but also accelerated our efforts in charting an optimum, seamless and safe user experience, for the benefit and convenience of our customers. We look forward to offering more innovative digital banking and Shariah-compliant solutions that are able to meet the customer’s on-the-go banking requirements online.”
As a promotion campaign, the new account holders can earn points through activities to redeem instant rewards such as vouchers from popular online stores and e-wallets such as Shopee, Zalora, Grab, and Lazada – all managed within the CIMB Clicks app. Additionally, account holders will also enjoy a waiver of annual fee on Octo Debit Mastercard.
CIMB is also a proponent of the Value-Based Intermediation where practices and offerings in Islamic banking and finance generate positive and sustainable impact to the economy, community and environment.
