Filipinos have become digital natives and many brands are making their presence online to keep up with the lifestyle demands of this tech-savvy generation. There’s no denying that young adults are enjoying the convenience of doing activities online and it seems that they feel the same way when it comes to managing their finances and savings.
With many financial institutions now offering online banking, many Filipinos transact on-the-go and make payments at their own convenience. But many customers still expect to keep the online banking experience simple, fast, and personalized – and for Rizal Commercial Banking Corporation (RCBC), understanding the consumers is top priority when it comes to digitalization.
“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,” shared Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.
The local bank supports the goal of Bangko Sentral ng Pilipinas to further financial inclusion in the country. With this, digital transformation plans have already been underway and many Filipinos are already reaping the benefits of RCBC’s products and services.
Earlier this year, RCBC rebranded its Cash Express mobile point-of-sale device into ATM Go, a neighborhood ATM which lets BancNet cardholders do basic transactions such as withdrawals, inquiry, funds transfers through any partner rural banks, sari-sari stores, drugstores, and microfinance institutions nationwide. Since its deployment, the bank has recorded exponential fivefold year-on-year growth in terms of transaction count, transaction volume, and revenues.
With RCBC ATM Go, the bank provides banking solutions to customers across the country, with majority of the transactions coming from Pantawid Pamilyang Pilipino Program household-beneficiaries receiving their cash grants.
With cashless payments becoming the standard these days, the bank developed RCBC Touch Q, an app that maximizes the power of QR technology for faster and more secure transactions. With this, people on-the-go can now prepare transactions online and receive a unique QR code which they can use at any Touch Q-enabled RCBC branch to immediately facilitate their transactions.
RCBC has also introduced its new and improved mobile banking app that enables clients to easily enroll and activate new accounts without having to visit the branch or go to an ATM. It also has enhanced security features which allows for scheduled payments and transfers, and new online check deposit service and PayMe feature for faster transfers and payment requests.
More than just tapping its current client base, RCBC also plans to reach out to unbanked and underserved Filipinos in grassroots communities and provinces with the launch of Diskartech, the country’s first financial inclusion accelerator app. Through RCBC’s partnership with government and private institutions, the app is a virtual bank that enables residents with basic banking services and includes them in the local banking ecosystem.
“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,” shared Villanueva.