Philippines' best bank for digital solutions 2023: RCBC
When Japan's Sumitomo Mitsui Financial Group increased its stake in Rizal Commercial Banking Corp to 20% last year, RCBC’s digital penetration in the teeming Philippine economy was an important factor in the deal.
The Philippines is one of the most connected economies in Asia and RCBC. Under chief innovation officer Lito Villanueva, it is at the forefront of the mobile banking revolution. Anytime RCBC reports earnings these days, analysts immediately turn to its digital transaction growth. Indeed, its digital focus is a key reason why RCBC is one of the fast-growing banks in the Philippines. Between 2018 and 2022, its assets grew 23% and its revenue jumped 60% in 2022 alone. App enrolment increased 27%, while transaction volume increased 32%.
For the RCBC’s DiskarTech app, the Philippines’ first multi-lingual, financial inclusion super app, revenues were up 15%. The app saw a 22% surge in transaction value, equating to $254 million. DiskarTech caters to the mass market, potentially 98% of socio-economic class levels in the country, offering savings activities, fund transfers, mobile loans, telemedicine, insurance and loan applications.