RCBC DiskarTech, the pioneering and award-winning financial inclusion mobile application of Rizal Commercial Banking Corporation (RCBC), won the prestigious Gold Award for Ecosystem-Led Innovation in the Infosys Finacle Innovation Awards 2023. This recognition solidifies RCBC DiskarTech's position as a trailblazer in the global digital banking landscape.
With the theme “Inspiring Better Banking,” this year’s Infosys Finacle Innovation Awards had an impressive turnout of over 200 nominations from various banks worldwide spanning across ten distinct categories: Ecosystem-led Innovation, Product Innovation, Channel Innovation, Corporate Banking Innovation, Process Innovation, Maximizing Customer Engagement, Transformation Excellence, Modern Technologies-led Innovation, Business Model Innovation, and ESG-led Innovation.
Participants from leading banks worldwide underwent an intensive evaluation process, aimed at identifying the most transformative and impactful innovation initiatives within the industry. An expert jury comprising global banking and technology leaders evaluated the nominations based on Innovation Quotient, Benefit Quotient, and Complexity Quotient, to decide the winners. Financial institutions from across the world were recognized for actively pursuing innovative strategies to differentiate themselves and maintain a competitive edge in the banking industry.
The Ecosystem-Led Innovation award category recognizes banks that demonstrate commitment to enhancing customer experiences by leveraging their ecosystem partnerships to provide a comprehensive range of services beyond traditional banking. The award honors banks that go beyond their core banking services and actively collaborate with ecosystem partners to meet the diverse needs of their customers. The commendation goes to banks that consistently innovate, create enhanced value, and continuously introduce new offerings in order to attract, serve, engage, and retain customers in a highly competitive digital landscape.
RCBC DiskarTech's exceptional achievements and groundbreaking contributions have set a new benchmark for innovation in the financial sector. As a key component of RCBC's MoneyBela Barangayan or gassroots banking scaling physical-digital or phygital blended banking experience in geographically isolated, disadvantaged and conflict areas, RCBC DiskarTech boosted bank onboarding in Philippine rural areas by 210%, reached a total of 13,116 barangays or approximately 31% of the 42,000 total barangays nationwide, and enabled millions of unbanked and underserved Filipinos to open their first basic deposit accounts in just six months from its rollout last year.
RCBC DiskarTech also engaged micro, small, and medium enterprises (mSMEs) through its offshoot program, the RCBC NegosyanTech, which empowered sari-sari (mom-and-pop) store owners, family-owned establishments, and grassroots businesses to earn additional income and capital by facilitating digital transactions such as cash deposits and withdrawals, bank transfers, bills payments, e-loading, and availment of teleconsultation plans and microinsurance.
“RCBC is more inspired and motivated to continue harnessing the power of technology such as Finacle Solutions in realizing the vision of the Philippine government to make the country a truly digital nation. We remain steadfast in our commitment to deliver relevant, timely, and effective digital financial solutions to a wider group of Filipinos,” said Villanueva.
“As we approach a world dominated by tech and AI, and largely moved by the rise of the internet economy, RCBC believes it is more important than ever to maximize the use of technological solutions in creating an equitable, sustainable, and prosperous future,” added Villanueva.
Sanat Rao, Chief Business Officer & Global Head of Infosys Finacle, said “The banking sector is undergoing unprecedented change, requiring banks to continually respond to market demands with customer-centric innovations in a bid to maintain their competitiveness and relevance. The Infosys Finacle Innovation Awards 2023 celebrates banks that prioritize innovation-led digital transformation. The nominees and winners in the awards program exemplify the relentless pursuit of the participating banks in delivering enhanced value to their customers and stakeholders. I extend my warmest congratulations to all the recognized banks and wish them continued success in 2023 and beyond.”
RCBC leaped from eighth position in 2018 to fifth by end of 2022 among the Philippines’ largest privately-owned universal banks in terms of assets, making it one of the fastest growing banks in the country. Among its global and local recognitions include a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker's Financial Technology Innovations Awards, and the YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million. Just recently, RCBC was also hailed as Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines.