Rizal Commercial Banking Corporation (RCBC) has once again been named the Philippines’ Best Bank for Digital Solutions by Asiamoney for 2023, cementing its position as the leading digital banking innovator in the country. RCBC is renowned for its commitment to massive digital transformation, financial inclusion, and customer service excellence through its range of Innovations with Empathy. Asiamoney recognizes RCBC for not only developing sustainable and impactful digital finance solutions, but also for collaborating with the government to increase financial inclusion, driving digital payment transformations, and bringing financial services to unbanked communities.
Analysts now closely monitor RCBC’s digital transaction growth whenever the bank reports earnings. This focus on digitalization has contributed significantly to RCBC’s status as one of the fastest-growing banks in the Philippines.
Asiamoney has praised RCBC for its contextual banking strategy, which enables the bank to understand the unique needs of the Philippine market. This understanding has allowed RCBC to successfully implement pioneering, human-centric, and demand-driven digital financial innovations through platforms such as RCBC Digital, RCBC DiskarTech, RCBC ATMGo, and RCBC Moneybela Barangayan Banking.
RCBC President and CEO Eugene S. Acevedo expressed delight at the recognition and emphasized the bank’s commitment to serving more Filipinos with its innovative digital solutions. With a focus on data science and artificial intelligence, RCBC aims to make a positive difference in the lives of its customers.
An important factor contributing to RCBC’s success is its Moneybela Barangayan Banking service, which combines physical and digital banking experiences. Through MoneyBela, RCBC has introduced RCBC DiskarTech to low-income communities, making it the world’s first multi-lingual financial inclusion super app in the vernacular language, specifically targeting the mass market. RCBC has made essential financial services accessible and convenient for approximately 98% of the country’s socio-economic class.
Additionally, RCBC launched ATMGo, the first grassroots-based, bank-agnostic, and last mile automated teller machine in the country. Using mobile point-of-sale devices, ATMGo brings financial services to remote communities through village hotspots like public markets, sari-sari stores, and public transportation hubs.
RCBC is proud to have the most extensive reach among private universal banks, covering all provinces in the Philippines, including the entire Bangsamoro Autonomous Region in Muslim Mindanao. By the end of 2022, RCBC had deployed over 1,400 terminals and plans to expand to 10,000 units by achieving a projected year-on-year growth of 614%. ATMGo has also been a trusted partner in the Philippine government’s digital payment disbursement initiatives, facilitating cash withdrawals for social welfare benefits in rural areas.
Through its phygital services, RCBC has significantly increased bank onboarding in underserved areas by 210%. ATMGo has already reached approximately 31% of the total barangays nationwide since its launch just six months ago in November 2022.
RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva expressed gratitude for the recognition from Asiamoney and reiterated the bank’s commitment to scaling inclusive digital finance. Villanueva emphasized that these awards validate RCBC’s continuous efforts to bring banking services to the people and create innovative, socially-sensitive, and tailored digital products that meet clients’ needs.
Despite the challenges posed by the COVID-19 pandemic and its economic impacts, RCBC has emerged as one of the fastest-growing banks in the Philippines, climbing from 8th position in 2018 to 5th position in 2022 in terms of assets.
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