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Wednesday, 19 December 2012

CIMB scores a first by offering banking service via Facebook


KUALA LUMPUR: CIMB Bank expects the number of people engaging in the online banking channel to grow in excess of 20% year-on-year.

CIMB Bank group deputy chief executive officer and head of consumer banking Renzo Viegas said that in terms of users and transactions, CIMB's online banking channel was growing faster than its other platforms.

“The online banking channel is growing at a much faster pace than other channels, which include Internet banking, mobile banking and social media banking. For example, the branch channel's growth is almost flat,” he said.

Yesterday, CIMB launched the first banking service group on social media site Facebook. The OctoPay application enables Facebook users to take Internet banking to a whole new level.

Viegas said the application targetted any users that were on Facebook.

Through the application, which can be downloaded like any other application on Facebook, users are able to transfer funds among friends. Additionally, users can also reload prepaid airtime for mobile phones.

One of the unique features is the Coinbox. With the Coinbox, users are able to create savings pools that would enable friends to contribute and share money online.

It is notable that the OctoPay application is only available to CIMB Clicks users and to those registered with OctoPay.

He added that the bank hoped to have a more open platform to include other banks and institutions by mid-2013.

“With OctoPay, we also hope to educate the public on how easy and secure it is to conduct banking transactions via social media as well as collectively encourage savings behaviour among the public,” said Viegas.

A cause for concern for many would be the level of security of the application.

Head of retail financial services Peter England assured that the bank had leveraged its existing security from CIMB Clicks, CIMB's Internet banking infrastructure.

The registration for the service can only be done at CIMB Clicks, with an OctoPay activation code. Thereafter, a unique SecureWord will be provided to each CIMB Clicks user.

For higher authenticity, the real name of the account holder in the CIMB Clicks system will be tagged to the user's Facebook profile.

Each OctoPay transaction requires a transaction authorisation code (TAC) prior to confirmation of the action. The transaction amount is limited to RM500 per day.

“The application went through very rigorous scrutiny to provide an extremely secure environment,” England said.

“This will guarantee that transactions are made in a safe and private manner.

“To add, our level of security has received top recognition from Global Finance magazine as Malaysia's Top Internet Banking Site for the second year running and the best Online Securities Platform by Asian Banking and Finance Retail Banking Award for 2012,” Viegas said.

None of the users' banking information will be released on Facebook.

The application is accessible from anywhere in the world with Internet connection and is available everyday of the year.

CIMB Clicks currently has 3.6 million Malaysian users with an average monthly volume of 3.5 million financial transactions.

Viegas said he felt this would grow following encouragement of existing CIMB Clicks users to their friends to open banking accounts with CIMB so they could transact with each other via OctoPay.

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