[Makati, 10/20/2020] – Based on Bangko Sentral ng Pilipinas (BSP)’s 2017 Financial Inclusion Survey, 15.8 million adults or 77.4% of the population remain unbanked. To bridge the gap between some of the biggest banks in the country and the unbanked population, the former established digital banking. With the wide use of smartphones and accessibility to mobile data among the adult population, digital banking creates an easy way for Filipinos to open an account.
According to Hong Kong-based Alpha South East Asia’s Best Financial Institution Awards, one bank managed to surpass all others in digital banking. The annual awards ceremony recently named the Rizal Commercial Banking Corporation (RCBC) as the “Best Digital Bank in the Philippines.”
Offering Opportunities Through Digital Reinvention
Operating since 1960, RCBC has become one of the largest universal banks in the Philippines through continuous innovation. In particular, the recalibration of its mobile point-of-sale device, ATM Go’s services, resulted in a fivefold year-on-year growth on transaction count, volume, and revenue. All these after ATM Go focused more on high-impact and volume-intensive partners, such as Bayad Center.
In addition to ATM Go, RCBC’s online platform and mobile banking application also saw record growth in the past year after implementing improvements in user interface and adding new features. Figures released by RCBC show that there have been more than a 1,000% increase in digital transactions amid the pandemic.
Eugene Acevedo, president and CEO of RCBC promises, “This is only the beginning for RCBC and its digital efforts. We are on track to introduce more products and services that will benefit the unbanked and underserved segments of our society.”
Established in 1960, the Rizal Commercial Banking Corporation (RCBC) is one of the largest conglomerates in Southeast Asia and is majority-owned by the Yuchengco Group of Companies. It has a network of over 480 branches and 1,500 ATMs across the country, providing easy access for its account holders.
Visit www.rcbc.com for more information and inquiries.