CIMB Bank uses data analytics to expedite targeted aid for customers

The group said CIMB Bank Bhd and CIMB Islamic Bank Bhd were leveraging on data analytics to identify most affected customers to expedite the programme.

This ensures seamless customer experience as all processes would be simplified with a quick turnaround time, and proactively engage with affected customers.

The programme is applicable to individual customers or borrowers who have lost their jobs since January 1 this year.

Those who remain unemployed will be given a three-month payment relief.

The group said individual borrowers who had suffered a decline in income were eligible for a commensurate reduction of monthly payments for at least six months.

This includes hire purchase financing where affected customers will be offered revised monthly payments, together with an extension of tenure

Affected small medium enterprises (SMEs), corporates and individuals will be offered several options.

This includes an extension of the existing relief programme, profit/interest servicing only, possible extension of the loan/financing tenure to enable lower monthly instalments and amending other terms and conditions of the loan/financing where appropriate.

CIMB Group chief executive officer Datuk Abdul Rahman Ahmad said it would continue to provide supports tailor-made to the needs of its financially affected group of customers.

''As part of our commitment to provide a seamless customer experience, CIMB will simplify and expedite the application and approval process.

''As the end of the blanket moratorium is fast approaching, impacted customers are encouraged to contact us as soon as possible to discuss options with CIMB,'' he said in a statement today.

The group said an SMS would be sent to more than 300,000 individuals and 10,000 SMEs from August 3.

It advised them to follow the simple instructions and complete their applications by August 20.

Those who do not receive an SMS but are anticipating difficulties in commencing payments after September 30 are encouraged to get in touch with the bank from August 7 until September 7.

CIMB has provided the six-month moratorium to help ease cash flow and provide breathing space for Malaysians at the peak of the Covid-19 pandemic.

As at end-June, the moratorium had benefitted over 1.25 million retail customers and about 16,000 SMEs and corporate clients in terms of cash flow alleviation to help them face the challenging environment, CIMB said.

It also approved over RM1 billion of relief funds to SMEs, of which RM700 million was under the Bank Negara Malaysia's Special Relief Fund.