Rizal Commercial Banking Corp. (RCBC) announced last Thursday it tweaked its financial services mobile phone application.
On March 17, the Yuchengco-led lender launched its “DiskarTech Score” program that rewards transactions with corresponding points.
The scoring program is a user rating system. As users increase their score, more rewards and privileges will be available exclusively for them, the lender said.
Offers available include pre-qualified loans, waived fees for loan transactions and rewards, RCBC added.
RCBC shares closed at P20.35 apiece, down P0.60 from the previous close.
“Creating the score program is one of the ways we democratize financial services through the use of alternative data, making access to loan services available to everyone,” RCBC Executive Vice President Angelito M. Villanueva said.
Villanueva, who is also the bank’s chief innovation and inclusion officer, added that users can increase their scores with the following transactions: deposit to any partner merchants; fund transfer to DiskarTech from any bank or e-wallet; bills payment; and, by saving using the DiskarTech account.
The mobile app, the lender said, offers one of the highest savings interest rates at 3.25 percent per annum with no minimum deposit required. Its fund transfer fee to other banks and e-wallets remains the cheapest at P8, according to Villanueva.
The tweak makes RCBC a pioneer in a point-based system that may be used to assess a customer’s credit standing.
The app uses alternative data that allows new-to-credit customers to gain greater access to loan services. As app users build up on points, they also grow their credit standing making them eligible for more loan applications, according to the bank.
The said score is RCBC’s response to the recent push by the Bangko Sentral ng Pilipinas (BSP) for greater digitalization of financial services to promote financial inclusion especially among credit-invisible individuals.
“Financial inclusion remains at the heart of DiskarTech,” Villanueva said. “This is why our goal doesn’t stop with onboarding people into digital banking. And we want them to be able to maximize the tools available to them.”