Rizal Commercial Banking Corp. (RCBC) has been beefing up its digital platforms to expand presence in the country and to promote financial inclusion.
In a statement on Tuesday, RCBC Executive Vice President Angelito M. Villanueva said that digital banking has been gaining traction among “technology-savvy” clients and, in response, the firm has been improving its service offering to cater to the demand.
“In the Philippines, we see that there is a large number of underserved markets in grassroots communities and in remote provinces. There is a great opportunity to reach them and teach them to be financially literate through bringing our services online, and that is the driving force for our digital plans,” said Villanueva, who is also RCBC’s chief innovation and inclusion officer.
RCBC, earlier this year, rebranded its mobile point-of-sale device into “ATM Go.” It allows BancNet cardholders to make basic banking transactions like withdrawals, inquiry and fund transfers through any partner rural bank, drug stores, microfinance firms and even sari-sari stores.
This spurred RCBC’s transaction count, volume and revenues by fivefold year-on-year since.
“With [our] ATM Go, the bank provides banking solutions to customers across the country, with majority of the transactions coming from [government’s cash dole-out] ‘4Ps’ program household-beneficiaries receiving their cash grants,” it added. The 4Ps is a government program that provides conditional cash grants to poor communities, allowing them to have funding for health, nutrition and education.
RCBC said it has also developed a quick response (QR) code-enabled application to facilitate quick cashless payments. “With this, people on-the-go can now prepare transactions online and receive a unique QR code, which they can use at any RCBC branch to immediately facilitate their transaction,” the bank said.
Clients can now enroll and activate new accounts without the need to visit a branch through RCBC’s improved mobile banking application. The said app also allows scheduled payments and transfers and online check deposit service, among others.
The bank also launched a financial inclusion accelerator application to tap the unbanked and underserved Filipinos in the provinces as it promotes financial inclusion, in line with the government initiatives.
“Financial inclusion is really at the core of our mandate in RCBC, and we think that today’s digital landscape presents a way for us to easily enable and empower people to uplift their lives,” Villanueva said.
RCBC saw its net earnings grow by 25 percent to P5.4 billion last year on the back of robust core business and high margins and trading gains.
Tyrone Jasper C. Piad