KUALA LUMPUR: CIMB Bank was named the Best Retail Bank in Malaysia at The Asian Banker’s Global Excellence in Retail Financial Services Awards 2023.

The awards were presented at the 22nd Excellence in Retail Financial Services Convention held in Hanoi, Vietnam.

In a statement, the bank said among its achievements highlighted at the awards were its focus on current account savings account (Casa) acquisition as well as its CIMB OctoSavers Account-i offering with fully digital electronic Know-Your-Customer (e-KYC) account opening functionality.

“The digital proposition has been well-received, as total deposits in the CIMB OctoSavers Account-i grew by 94% year-on-year as at end-2022, demonstrating the convenience of its end-to-end online onboarding process,” said the bank.

Meanwhile, the bank also introduced CIMB e-Zi Tunai in 2022, the first personal loan product for microfinancing in Malaysia with a fully digital customer journey.

CIMB e-Zi Tunai is distributed via GOpinjam, an inclusive digital personal loan proposition available through the Touch ‘n Go eWallet.

CIMB Group consumer and digital banking CEO Effendy Shahul Hamid said the awards represents the bank’s continued focus on technology and digital enablement to meet the evolving needs of its customers.

“CIMB’s focus on acquiring current and savings accounts and commitment to digitalisation have led to improved customer satisfaction, cost efficiency, and productivity.

“The Asian Banker congratulates CIMB for their achievement and their continued commitment to providing outstanding banking services as a leading financial institution in Malaysia,” said The Asian Banker research director Christian Kapfer.

In this year’s awards programme, The Asian Banker assessed the performance of more than 100 retail financial institutions from across the world.

Since 2020, it has incorporated the customer experience evaluation of The BankQuality Consumer Survey and Ranking of Retail Banks, that involve 11,000 respondents from 11 markets in Asia.