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Kwik Account is the first account in Malaysia that can be opened online without visiting a bank branch, and is instantly activated upon successful application; while Kwik Money Transfer is a new feature on its internet banking platform, CIMB Clicks, that enables all CIMB Bank savings and current account holders to send money to Malaysian mobile numbers or email addresses instead of account numbers.
Asian Banking and Finance talked to Renzo Viegas, Deputy Group CEO and Head of Consumer Banking, CIMB Group, to learn more about the two new initiatives.
ABF: What spurred the launch of Kwik Account and Kwik Money Transfer?
We are cognisant of how the banking landscape has evolved in recent years with consumers’ rapid adoption of mobile technology. More and more consumers are growing accustomed to online and mobile solutions in their daily lives.
As a bank, we find ourselves having to keep up and ensure that our products and services evolve too, to support this behavioural shift. These days, online banking solutions are fast becoming a necessity instead of an option, especially amongst the Gen-Ys who will be the next wave of banking customers.
We always innovate with our customers in mind, and it is their constant need for ease and speed that drives us to provide breakthrough online banking solutions such as these two new banking solutions that we have just launched.
ABF: What's new about it for CIMB and your customers?
The launch of these two online banking solutions is not only a milestone achievement for CIMB Bank, it is a milestone achievement within the Malaysian banking industry – these two banking solutions set new standards for online banking services!
What is so special about the Kwik Account is that you can open a Kwik Account online anytime, anywhere without visiting a branch. You also do not need prior relationship with CIMB Bank and there is no minimum deposit required when you apply for this account. Account opening is real simple and quick - it requires only three steps:
1. Visit CIMB Clicks’ website and click “Apply for Kwik”
2. Fill in the e-form; and
3. Confirm the application.
The other first is Kwik Money Transfer that allows all CIMB Bank savings and current account holders who have signed up for CIMB Clicks to send money to a recipient's Malaysian mobile number or email address.
What this means is, we have taken away the hassle of remembering lengthy bank account numbers. This breakthrough feature allows peer-to-peer (P2P) banking which securely facilitates the claiming and crediting of money transferred via Kwik Money Transfer.
We believe that consumers will enjoy how easy banking with CIMB Bank has become with the Kwik Account, from the hassle-free online application process to performing day-to-day banking transactions and, with Kwik Money Transfer, where they can literally forget having to remember account numbers.
ABF: What do you hope to achieve with these initiatives?
Our aim is to offer more convenience to our customers with these two new online banking solutions. We anticipate customers will be attracted by the convenience and ease of using Kwik Account and Kwik Money Transfer, and so we expect it to drive the growth of our online banking customer base by more than 20% yearly.
We also want to bank on the Gen Ys, who prefer to go online, and build engagement and customer loyalty with them early on.
ABF: Anything else you'd like to add?
We are committed to continuously innovate to meet the diverse needs of our customers. As a market leader and a pioneer in the online banking space, we will continue to push the boundaries in the online banking space, giving our customers effective and creative solutions.
We are determined to keep up the momentum with some exciting and innovative projects in the pipeline.
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