Philippines' best digital bank 2020: RCBC
Rizal Commercial Banking Corporation
The Covid-19 pandemic has driven home the need for inclusive and accessible digital banking. But one Philippine bank stood out in particular for its efforts in the digital sector, going above and beyond in providing for every customer. That bank is Rizal Commercial Banking Corp (RCBC).
Before the pandemic, RCBC had positioned itself to serve clients in the event they are cut off by a typhoon or other natural disaster. Its ATM Go service, a handheld ATM that can be used by the bank’s partners in areas that otherwise lack a formal bank branch, saw five-fold, year-on-year growth at the end of 2019.
Bank president and chief executive Eugene Acevedo furthered the bank’s digital efforts, taking a more aggressive approach in the last year. The bank hired Lito Villanueva as chief innovation and inclusion officer to lead RCBC’s digital transformation. It also established a dedicated digital committee that can fast-track approvals for digital projects.
One of the biggest projects RCBC developed over the past year was a Taglish app, which combines English with Tagalog. RCBC’s previous apps, like those from other banks, targeted more affluent users and were only in English. But DiskarTech, as the app is called, takes banking to the masses.
Covid-19 has been the impetus for more widespread digital adoption, but the trick will be to see how banks can continue their digital efforts and adoption in the future.
RCBC knows that it needs to hook its customers with habit-forming technology that is fast, efficient and convenient. It is making the right moves to ensure that happens.