Rizal Commercial Banking Corporation (RCBC) reported an unexpected surge in senior citizens who are adapting to digital banking transactions and making investments online.
In a statement, RCBC Trust and Investments Group Head Robert B. Ramos also noted that the bank saw a 336 percent increase in clients investing in unit investment trust funds (UITF) online, predominantly in the young adult and the aged segments.
As of July, these groups accounted for 27 percent and 11 percent, respectively, of the total UITF volume transacted online.
Ramos shared that the surge in UITF clients aged above 60 was unexpected since typically, it is the young adult investors who are the most receptive to trying new technology.
He added that the pandemic forced everyone across all age groups to adapt to online transactions with the lack of alternatives, especially for the senior or aged clients.
“This is more anecdotal than anything because the story across different banks is the same. There is an opportunity but what we have is a digital channel that we can use to engage our clients and allow them to invest in our UITFs,”he said.
UITFs are affordable investments that pool a client’s money with other investors who have similar goals, financial resources, and risk appetite.
RCBC clients can invest in UITFs for as low as an initial placement of P5,000 through the RCBC Online Banking website.
Ramos said that the bank plans to expand its product offerings to provide clients more investment options.
It also aims to enhance the features of its existing products and digital channels including the accessibility of UITFs in the bank’s mobile app.
“Clients need a partner who can quickly adapt to the ever-changing environment and during the pandemic, we have proven that we are capable of adapting to unexpected events and we can deliver apt and timely products and services,”said Ramos.