For a fourth consecutive 12 months, Rizal Business Banking Company (RCBC) was named as soon as once more the Philippines’ Greatest Financial institution for Digital Options by Asiamoney for 2023, solidifying its place because the undisputed digital banking trailblazer within the nation.
RCBC is acknowledged for its roster of Improvements with Empathy, an array of digital options which champions huge digital transformation and helps the monetary inclusion efforts of the federal government, all while cultivating a tradition of customer support excellence.
“RCBC isn’t simply constructing sustainable, impactful, and inclusive digital finance options, additionally it is working onerous to develop digital entry for each Filipino by positioning itself as a robust ally of presidency efforts to extend monetary inclusion; catalyzing digital fee transformations; bringing monetary companies to unbanked and underserved communities; and reinvigorating innovation,” Asiamoney stated in an announcement.
“Anytime RCBC reviews earnings lately, analysts instantly flip to its digital transaction progress. Certainly, its digital focus is a key cause why RCBC is likely one of the fastest-growing banks within the Philippines,” Asiamoney added.
Asiamoney hailed RCBC as The Greatest Financial institution for Digital Options within the Philippines for delivering digital monetary companies primarily based on a contextual banking technique that goals to know the Philippine panorama. By way of this, RCBC has successfully carried out pioneering, high-impact, human-centric and demand pushed digital monetary improvements by RCBC Digital, RCBC DiskarTech, RCBC ATMGo and RCBC Moneybela Barangayan Banking, efficiently marked with velocity and scale.
“We’re delighted with the popularity, and it additional evokes us to serve extra of our countrymen with our revolutionary digital options. And with our intensified use of information science and synthetic intelligence, we proceed to be dedicated to make a distinction within the lives of our clients,” RCBC President and CEO Eugene S. Acevedo stated.
RCBC’s sequence of wins come from the success of RCBC Moneybela Barangayan Banking, the nation’s first physical-digital or phygital blended banking service. Fusing the heat of bodily banking with the benefit of digital, RCBC’s banking expertise assist brokers delivered very important monetary companies to hundreds of rural barangays nationwide. By way of MoneyBela, RCBC was in a position to introduce RCBC DiskarTech to low-income, geographically-disadvantaged communities. This was considered the world’s first multi-lingual monetary inclusion tremendous app within the vernacular catering to the mass market. The Philippines’ mass market is comprised of roughly 98 p.c of the socio-economic class within the nation. Monetary companies corresponding to financial savings, fund transfers, cellular masses, telemedicine, insurance coverage, and loans are made accessible and handy to the Filipino mass market.
RCBC additionally launched ATMGo, the nation’s first grassroots-based, financial institution agnostic, and final mile automated teller machine. ATMGo makes use of cellular point-of-sale units to dispense monetary companies in distant and deprived communities at village hotspots like the general public markets, sari-sari shops, and public transportation hubs. RCBC is the one personal common financial institution to have essentially the most in depth attain overlaying all provinces within the Philippines even overlaying your complete Bangsamoro Autonomous Area in Muslim Mindanao, boasting over 1,400 terminals deployed on the finish of 2022 and poised to develop to 10,000 items or a projected year-on-year progress of 614%.
ATM Go has been the Philippine authorities’s trusted digital fee disbursement companion even earlier than and on the onset of the COVID-19 pandemic, which continues till current for the withdrawals of social welfare advantages for Conditional Money Switch family recipients beneath the Pantawid Pamilyang Pilipino Program (4Ps) of the nationwide authorities. Near 70% of its transactions are money withdrawals of Pantawid CCT family beneficiaries achieved in rural areas. Even conflict-prone communities corresponding to Lake Sebu in South Cotabato are in a position to take pleasure in handy and real-time banking throughout the comforts of their neighborhood.
By way of RCBC’s phygital companies, it was in a position to enhance financial institution onboarding in underserved areas by 210%. ATMGo has reached a complete of 13,116 barangays or roughly 31% of the 42,000 whole barangays nationwide, solely six months for the reason that program was launched final November 2022.
“We’re extremely grateful to be acknowledged as soon as once more by Asiamoney for our dedication in direction of scaling inclusive digital finance, and our dedication to make digital banking extra accessible and handy for each Filipino, particularly empowering our micro, small and medium enterprises,” stated Lito Villanueva, RCBC Govt Vice President and Chief Innovation and Inclusion Officer.
“Prestigious awards corresponding to this validate our fixed onerous work and efforts in bringing banking to the folks. This solidifies our unwavering dedication to offering revolutionary, socially-sensitive, and tailor-fit digital services that aren’t solely cutting-edge, however most significantly, created with our shoppers’ wants in thoughts,” Villanueva added.
Regardless of the challenges posed by the COVID-19 pandemic and the financial impacts of the worldwide well being disaster, RCBC emerged as one of many quickest rising banks within the Philippines after it leaped from its eighth place in 2018 to fifth place in 2022 within the checklist of the nation’s greatest banks when it comes to belongings.
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