When CIMB Bank launched in 2018, it introduced digital and embedded banking in the Philippines. One of the first digital banks in the country, CIMB Bank PH enabled a fully mobile and digital savings and loan account application process that only took under 10 minutes and required zero fees.

CIMB Bank PH explained that embedded banking is the integration of banking services within non-banking platforms, such as e-commerce websites, social media apps, or super apps. By embedding financial capabilities into these platforms, customers gain convenient access to a wide range of banking services without needing multiple applications or interfaces. 

“As more and more services digitize, service providers will need to embed finance and banking capabilities in their ecosystems and platforms,” said Suraj Ramchandani, chief growth officer of CIMB Bank Philippines. “We are bringing the bank to the consumer where they perform their daily activities.” 

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The bank is embedded in the touchpoints where the customers are. A good example of this is the GCredit feature in the mobile wallet GCash or the SPayLater facility in the e-commerce platform Shopee, both of which CIMB underwrites.

Enhanced financial inclusion

One key benefit of embedded banking is the potential for enhanced financial inclusion. By collaborating with service providers, banks extend their services to a wider customer base, including underserved segments who may historically not have had access to banking products due to multiple know-your-customer (KYC) requirements from traditional banks. This approach democratizes access to financial products and services, enabling individuals who previously had limited banking options to benefit from a broader range of offerings.

Embedded banking also offers customers unparalleled convenience and a seamless experience. By integrating financial services directly into everyday platforms, individuals can perform transactions, manage savings, access loans, and make payments within a single interface. This streamlined experience saves time, simplifies financial management, and enhances overall convenience for customers.

Embedded banking partners

“CIMB has pioneered the ecosystem play,” said Ramchandani. “Through our collaboration with strategic partners, we provide a strengthened joint offering to our common growing base of users through the enhanced value proposition.”

CIMB Bank PH will soon be unveiling more embedded banking partners and unique product features in the future. This will help grant easier access to the commonly underserved population like Filipinos overseas and the micro and small to medium entrepreneurs, enabling them to live their purpose just as deservedly as everybody else.