Tale of two banks
One of the significant lessons the pandemic taught me was to adopt online banking, which I shy away because in the back of my mind, hackers are just in the midst and I’ve to protect my hard-earned savings, no matter how meager it is.
It took me a while to embrace digitalization in the banking services. Online banking for a not so techie savvy like me is comparable to taking a step-by-step course, not to mention my risk-averse attitude.
But, by force of circumstance and the dynamic development of technology in financial services, I had to embrace it. A portmanteau for financial services, FinTech is the very foundation in the transformation/digitalization of traditional financial services that we, the general banking public, now enjoys.
And I salute Rizal Commercial Banking Corporation (RCBC), one of the largest universal banks in the country and Maybank Philippines, Inc., for their continuous efforts for the advancement of digital banking.
Such hard work was not left unheeded. Maybank recently emerged as a winner in the International Finance Awards 2022. It was recognized as “Most Innovative Digital Bank Philippines” for its financial inclusion initiatives.
Joining a select circle of international winners in the banking sector, the award is a demonstration of Maybank’s perseverance, dedication and commitment to innovation at work.
The annual International Finance Awards recognizes industry talent, leadership skills, industry net worth and capability on an international platform. After careful consideration of nominations, winners are declared on the strength of their application and accomplishments.
The award is an acknowledgement of Maybank’s mission of humanizing financial services for its customers and the communities it serves.
Among the digital innovations launched successfully by Maybank include iSAVE, an all- digital savings account that customers, even new-to-bank clients, can open fully online from a mobile phone or tablet, without going to the branch.
And here’s the thing: heard from the banking community that Maybank is set to launch a new digital account product to be made available in a leading digital platform and will offer a more seamless, hassle-free and convenient experience to customers.
RCBC, on the other hand, was the recipient of the coveted “Most Innovative Internet Banking Service Provider” in the Philippines. London-based financial publication, The Global Economics, recognized RCBC for its proactive stance towards digitalization, which “proved essential” at the height of the pandemic.
Because of this, RCBC was “able to sustain its services throughout the strict community quarantines” as well as “introduced creative solutions to new pain points of the public.”
The recognition was more fitting as Maybank celebrates its 25 years in operations in the country this month while RCBC marks its diamond anniversary.
And as the dynamic wheels of FinTech churn, I look forward to a more progressive development and further innovation in digital banking, learning from the recently concluded 7th edition of the Singapore FinTech Festival that brought together the global FinTech community and discussed the progress and development in technology relative to the development of financial services as well as public policy.
Talkback to me at sionil731@gmail.com