CIMB Bank Philippines has collaborated with Zoloz, an eKYC (electronic Know Your Customer) technology provider to further enhance its digital banking services. The bank will leverage Zoloz’s eKYC solution for frictionless user onboarding and enhanced payment experience.

Zoloz’s RealID eKYC solution streamlines the whole customer identity verification process for financial institutions, eliminates paper-based procedures, and reduces the cost and time spent on manual verification. This results in faster onboarding and an enhanced customer experience.

“With the vision to drive financial inclusion in the Philippines, we have onboarded more than five million depositors and one million lending customers since 2018,” said Vijay Manoharan, CEO of CIMB Bank Philippines. “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.”

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The solution also helps financial institutions adhere to regulatory compliance more easily through its AI (artificial intelligence) model and comprehensive risk management engine that can guarantee high accuracy and reduce identity fraud.

“Zoloz, with its cloud-based, fully automated, and cost-effective eKYC solution, is the right fit to support our strategy,” Manoharan said. “As a trusted partner, Zoloz will help improve digital connectivity for us to reach more of the country’s unbanked population.”