By Lee C. Chipongian
Rizal Commercial Banking Corp. (RCBC) said it posted 821 percent growth in its online and mobile business as more financial and banking clients tapped digital transactions during the enhanced community quarantine (ECQ).
In a statement, RCBC executive vice president Lito Villanueva said the ECQ “drove new and existing clients from the physical branches to our digital platforms.”
From January to April this year, new signups were up by 173 percent year-on-year, while digital banking enrollments increased by 167 percent during the ECQ (March 17 to April 30).
According to RCBC, while on ECQ the daily transaction of all card-less ATM withdrawals increased by 643 percent in terms of volume and 821 percent in terms of value.
The bank said unbanked recipients of remittances grew by 393 percent in the same period. As for the daily transaction volume of all online send cash transactions during the ECQ, RCBC said this rose by 487 percent compared to before the ECQ.
RCBC’s InstaPay transfers, in the meantime, increased by 357 percent as of end-April and 183 percent during ECQ period.
“We predict that this aggressive increase in new accounts and transaction value and volume will persist through the COVID-19 crisis and beyond as more users enjoy the benefit of our digital services,” said Villanueva. “This is aside from covering all provinces in the Philippines with RCBC’s handheld ATM Go devices from the current 89 percent. This digital initiative helps the government in quickly disbursing social grants for the poor and vulnerable sectors affected by the lockdown.”
Villanueva said $30 million has been disbursed through the bank’s digital facility and “growing at 141 and 122 percent on daily average transaction value and volume, respectively.”
RCBC’s payout network includes MLhuillier, Palawan Pawnshop, Palawan Express, LBC, and Bayad Center outlets.