The Rizal Commercial Banking Corp. (RCBC) has been recognized globally for its digital cash loan facility.
RCBC Bankard Services Corporation, the credit card arm of RCBC was awarded by the Digital Banker in the recent Digital CX Awards 2022 as the winner in the Outstanding in Digital CX – Loans category.
Digital CX Awards 2022 is the world’s only award-winning body solely dedicated to recognizing pioneering innovation in digital customer experience across the financial services ecosystem.
The awards recognize the world’s leading financial services organizations that blend the best technology and innovation with the power of their people to provide a superior customer experience and reinvent their industry.
This is the second time RCBC Bankard received international accolade for the digital cash loan facility. Last year, it was named Outstanding Personalized 1:1 Marketing Initiative for Digital Cash Loan by the Global Retail Banking Innovation Awards 2021.
RCBC BankardFVP & Marketing Group Head, Ma. Angela C. Mirasol,said that the Digital Cash Loan was developed to maximize the opportunity of being able to communicate and serve more personalized offers to the RCBC Bankard cardholders. It also had the added benefit of being a more economical and efficient channel.
“The Digital Cash Loan has been developed to be an enabler such that cardholders are able to easily convert their available credit limit to cash to fund their needs and even their aspirations,” Mirasol added.
RCBC Bankard launched the Digital Cash Loan facility in 2020 to address problems encountered during the pandemic. As of 2021, the facility has helped generate an 84% increase in Transaction Count from 2020.
The facility automatically sends SMS to pre-qualified cardholders, which contained the cash loan offer and the unique application link. The information on the available limit that can be converted to cash, the affordable monthly amortization, and the low-interest rate are indicated in the message. The cardholder just has to determine how much he wants to avail. Cardholders are also provided unique offers based on their risk profiles.