When CIMB took over Southern Bank a few years ago, it appeared as if Bank Negara was encouraging a restrictive practice as it disallowed Southern Bank to court other suitors.
This barrier meant that Southern Bank owners could not maximise their return on their investments and years of nurturing the bank. So far Bank Negara has not disclosed the basis on which it creates such an environment that disallows market forces to decide the price.
Today I decided to apply for internet banking with CIMB and was really shocked and pleasantly surprised at their system.
All you need is the ATM Card. Once you key-in the password, you can select E-banking and it will ask you to create a password for the E-banking. It then confirms the password and prompts you to enter the mobile number that will receive the bank's code when you want to make payments to third parties.
It took all of 3 minutes. No forms, no other codes necessary from HQ.
I'm not sure how good is the security but if it is comparable to other banks, it should be secure.
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