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CIMB Bank launches its first all-digital Islamic savings account in Malaysia

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The newly launched product is called OctoSavers Account-I

Malaysia-based CIMB Bank and CIMB Islamic Bank have launched the bank’s first all-digital Islamic savings account, media reports said. The newly launched product, called CIMB OctoSavers Savings Account-i, is designed to offer convenience to customers as the onboarding process while opening an account is done entirely online.

The debit card will be mailed to customers’ addresses thus ensuring a convenient branchless experience, according to the bank. Malaysian citizens, who are over the age of 18, can apply for the OctoSavers Account-i via the CIMB Apply app.

Samir Gupta, CEO at Group Consumer Banking, CIMB Group, told the media, “The introduction of the OctoSavers Account-i and Octo Debit Mastercard is a significant milestone in CIMB’s digital banking journey and is particularly timely in the current Covid-19 environment.

“The pandemic has not only fast-tracked our digitisation initiatives but also accelerated our efforts in charting an optimum, seamless and safe user experience, for the benefit and convenience of our customers.”

Last month, it was reported that CIMB Bank and CIMB Islamic Bank launched their CIMB EVA chatbot for small and medium enterprise (SME) customers to better support their banking needs in a fast and secure manner.

The bank said, “Designed to simplify banking processes for SME customers, the EVA chatbot is effectively an electronic relationship manager. It is available 24 hours a day, seven days a week and can handle a large number of simultaneous queries from SMEs, with the help of artificial intelligence (AI) and natural language processing (NLP).”

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