Some opportunities only come once in a lifetime. With the release of CIMB Bank Philippines’ (CIMB Bank PH) new ‘One Shot at Love’ short film, the digital bank wants to show every Filipino out there looking for love how having good saving habits can make them ready for those unexpected, life-changing moments.
The film tells the story of the typical working-class millennial: hard-working, future-oriented… and bored. The routine of every day gets exhausting, and without someone special to spend them with the days just blur on by until the next paycheck.
But life’s biggest moments hardly ever come with warning. You never know what each day can bring. But when the opportunity of a lifetime comes knocking on your door, you’d be happy to have some money in the bank to seize it.
Whether it’s for an unexpected plane ticket, for the capital for a new business, or for the funds to supplement a scholarship application, money allows freedom. This is the true meaning of financial inclusion — to give Filipinos the ability to seize the opportunities that life throws their way.
Bringing more Filipinos towards financial inclusion
Since its foundation in December 2018, CIMB Bank PH has aimed to bring more Filipinos towards financial inclusion. As an all-digital, mobile-first bank, it has served around two million customers since its first year of establishment, earning its reputation as the most awarded digital bank in the country in 2019, securing eight international awards, including Global Finance’s Best Digital Consumer Bank, Asian Banker’s Best Digital Bank, and International Finance’s Fastest Growing Digital Bank Award.
The all-digital bank seeks to empower Filipinos by giving them access to flexible, innovative products and services specifically designed to prepare them for every opportunity. Through the CIMB Bank PH mobile app, Filipinos can open a savings account and apply for a personal loan without the hassle of waiting in line or the extensive paperwork required by traditional banks.
Applicants can open an UpSave account seamlessly in 10 minutes, anytime all-year round, all without an initial deposit, minimum balance, nor any penalty charges for anytime withdrawal.
To help more Filipinos in their financial journey, UpSave account holders also have access to one of the highest savings interest rates in the market at a no-time-limit 4% per annum — 1600% higher than other major banks in the country. Account holders with P100,000 and above average daily balance can also get free life insurance coverage worth up to P2 million.
CIMB Bank PH’s digital model further accounts for Filipinos’ increasingly busy work schedules by forming strategic partnerships with local payment gateways, giving their account holders access to over 8,000 convenience partners to make their transactions, or withdraw in over 20,000 ATMs nationwide for free.
The all-digital bank eliminates the barriers of traditional borrowing methods offered by other banks through an all-digital loan application system. No need to appear for a personal review, as the system allows for initial loan approval of up to P1 million (with a minimum of P30,000), with zero processing fees and no hidden charges. Loans are payable within 12 to 60 months, providing flexibility and ease of mind for borrowers.
Giving everyone a chance to take charge of their life
Financial inclusion, after all, is giving every Filipino the chance to take charge of their life and make the decisions they need to create a better future.
How many people in the distant provinces remain unbanked without a choice? How many businesses failed to get off the ground because of a lack of capital? How much savings have been lost to inflation due to low interest rates?
With an always-accessible mobile app, best-in-market rates, and a hassle-free loan application system, financial inclusion for every Filipino might not be so far away.
“Highlighting how financial literacy is a main component of CIMB Bank’s operations in the Philippines as the company fulfills its mission in bringing Filipinos closer to their next step of achieving a comfortable future while enjoying today,” said CIMB Bank Philippines Chief Executive Officer Vijay Manoharan.
CIMB Bank PH is the newest member of the CIMB Group, one of ASEAN’s leading banks and is present in over 16 global markets. With the establishment of CIMB Bank PH, CIMB Group is able to extend its reach and transform the Filipino banking experience.