Financial technology (fintech) is now the main driver for reaching out and servicing the unbanked public. Rizal Commercial Banking Corporation (RCBC)’s own efforts were highlighted by the bank’s Executive Vice President and Chief Innovations and Inclusion Officer Lito Villanueva during the Global Fintech Fest held at Mumbai India.
Villanueva centered upon the rapid development of RCBC’s sustainable digital finance solutions as a success story for developing nations embracing technologies to realize financial inclusion in the global forum. Since its launch, RCBC’s digital unsecured personal loans product has experienced impressive growth, accounting for 38 percent of transactions made through the RCBC Pulz mobile app within just eight months, all while maintaining a delinquency rate of under one percent.
Moreover, Villanueva showcased RCBC’s innovative digital offerings–RCBC DiskarTech, RCBC Pulz, and RCBC ATM Go–specifically designed to meet the evolving needs of Filipinos both at home and the over 14 million Filipinos living and working abroad. He emphasized the vital importance of digital transformation in promoting inclusive digital finance, ensuring that financial services are accessible to all.
RCBC Pulz has been specifically designed to match the needs of underserved and unbanked OFWs all over the world as it enables them to open digital banking accounts with just an international mobile number, one valid I.D., and a smartphone. Clients can utilize its features to send money to the Philippines, mobile loading and bills payments to support their families back home. It also offers in-app investments and loans to prepare for long-term family dreams and goals, as well as access financial literacy modules to boost their financial knowledge.
Meanwhile, RCBC ATM Go is a bank-agnostic community banking solution with extensive nationwide coverage. By the end of August, RCBC ATM Go’s revenues and gross transaction value grew by an impressive 50 percent and 31 percent, respectively, while the number of deployed terminals and merchant partners surged by 113 percent and 150 percent respectively compared to the previous year.
“The Philippines and the ASEAN are bright spots globally when it comes to fintech development. Our success stories should be celebrated as they signal our readiness and aptitude in adopting, developing, and deploying digital financial solutions that improve our well-being and enhance our economies,” Villanueva said.
