CIMB THAI Bank: Digital-led bank delivers value through memorable moments

CIMB THAI Bank demonstrates its digital transformation not just in its products and services but also in its marketing strategy. As part of CIMB THAI’s transformation into a digital-focused bank, the team has launched a brand-new mobile app, CIMB THAI Digital Banking app, in the latter part of 2018 to replace the web-based legacy CIMB Clicks platform. Then in July 2020, it launched a digital savings product that has caught the attention of many Thai customers for its uniqueness and fun vibe. The campaign is so successful it became a hot topic on social media and boosted account openings during the campaign period.

As such, it comes as no surprise that CIMB THAI Bank has been conferred the award Winner, Best New Product Launch and Outstanding Digital Marketing Initiative at the recent Global Retail Banking Innovation Awards 2020 (GRB Awards) by The Digital Banker. This exceptional accolade recognises CIMB THAI’s excellent achievements in the area of digital innovation and customer centricity.

Known in the industry as the world’s most credible and transparently judged Retail Banking awards program, the GRB Awards gives honour to the industry’s best in business, whose initiatives blend top-notch technology with service-oriented mindset to raise the bar in consumer banking. Judging this year’s select winners in retail banking are impartial adjudicators from companies such as KPMG, Digital Village, Imaginarium Advisors, EY and Forrester.

“CIMB THAI Bank places strong emphasis on customer experience as it pursues its digital transformation initiatives. By coming up with programs that excite its customers while offering maximum banking convenience at the palm of their hands, the Bank has been able to make digital a catalyst of value,” said Nirav Patel, Managing Director at The Digital Banker during the awards ceremony.

‘Chill D’ Savings Account: CIMB THAI Bank’s first truly digital product

Since 2018, CIMB THAI has been undergoing a digital transformation journey to spur further growth of its  Consumer Banking arm. Pivoting towards digital presents CIMB THAI Bank with a compelling opportunity to compete with larger Thai banks that have a bigger branch networks and customer reach. Thus, CIMB THAI Digital Banking app was born. The new mobile app offers user friendly interface, with more features compared to its predecessor. Since then, it has gained traction among its users, with fund transfer increasing from about 1,000 in Jan 2019 to more than 170,000 in Jan 2020. 90% of fund transfer transactions and more than 50% of mutual fund subscriptions are now performed via the digital app. Moreover, 80% of those mutual fund subscriptions have ticket sizes below THB50k, further validating CIMB Thai’s strategy of using digital channels for the mass affluent segment.

CIMB THAI Bank launched a digital savings product called ‘Chill D’, which is a play on a common Thai slang, “Chill Chill”, which means, to relax.

As part of its efforts to acquire new customers and further enrich the features of the new digital app, CIMB THAI Bank launched a digital savings product called ‘Chill D’, which is a play on a common Thai slang, “Chill Chill”, which means, to relax.

The ‘Chill D’ Savings Account is the Bank’s first truly digital product, with three key propositions that make it unique and special:

  1. Zero fees – everything is free including Chill D debit cards with no annual or sign up fees, zero FX fees, and free unlimited cash withdrawals at any banks’ ATM machines. This means that customers have the widest choice of ATM networks to choose from, at no additional cost to them.
  1. Attractive interest rate – the Chill D Savings offers a maximum interest of up to 2% p.a., which is the highest in the market. This is particularly attractive in the current low-interest rate environment.
  1. Convenience – clients no longer have to go to a bank branch to open an account. They can open an account via CIMB THAI Digital Banking app for only 5 minutes and authenticate at any 7-Eleven stores nationwide with more than 13,000 locations. Using a similar concept as the no-fee ATM withdrawal strategy, by leveraging on 7-Eleven’s extensive store network across Thailand, CIMB THAI Bank made it even easier for customers to authenticate their account opening.

The primary target audience of the ‘Chill D’ campaign are those within the age range of 25 to 35 years old, the so-called Gen-Ys, with an average monthly income of around THB30k. This segment has grown up with a digital lifestyle, and are avid consumers of multiple media channels and digital platforms.

Based on these characteristics, the Chill D marketing campaign was heavily focused on social media, while being supplemented by traditional platforms such as video advertising on mass transit systems, posters and banners on buildings and billboards.

The digital marketing campaign proved to be successful and helped boost take-up of both the CIMB THAI Digital Banking app as well as the ‘Chill D’ product. Average daily new registrations of the CIMB THAI Digital Banking app increased by approx. 12%. Meanwhile, the number of ‘Chill D’ savings accounts increased by an astounding 34% after the launch of the ‘Chill D’ campaign based on latest available data.

 

>> To read more about this story and other exclusive features about the digital banking landscape, download the latest issue of The Digital Banker Magazine HERE.

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