The Rizal Commercial Banking Corporation (RCBC), which has already won several global and regional awards, has received another recognition as the Grand Champion of the 2022 Bank Champions in Digital Payments and Financial Inclusion, awarded by the Bankers Institute of the Philippines (BAIPHIL). BAIPHIL recognizes member banks that have adopted the twin initiatives of the Bangko Sentral ng Pilipinas (BSP) under its Digital Payments Transformation Roadmap.
BAIPHIL cites the Yuchengco-led bank for its pioneering programs and innovative solutions in providing digital financial services to all, including hard-to-reach segments such as marginalized communities that are often unbanked and underserved. In its congratulatory letter, the organization highlighted that RCBC has consistently grown its volume of digital payments, particularly PESONet and InstaPay transactions, as well as the number of Basic Deposit Accounts from 2020 to 2022, as supported by data and information from the BSP and the Philippine Payments Management, Inc. Additionally, RCBC has demonstrated compliance with the principles of the National Retail Payments System.
“Financial inclusion is embedded in everything we do. At the forefront of all RCBC’s efforts are the people we promise to serve, providing them with the accessibility, security, and convenience they deserve through our digital finance system. With this, we lower any barriers and empower every Filipino to achieve their financial aspirations and uplift their livelihoods,” according to Eugene S. Acevedo, RCBC President and Chief Executive Officer.
RCBC has been consistently rolling out a range of digital innovations that are aligned with the BSP’s objective of raising the percentage of banked Filipinos from 56% in 2021 to 70% by 2023. By doing so, the bank has demonstrated its commitment to offering human-centric innovations that cater to the evolving needs of the population.
“Innovating with empathy drives us to develop services that not only respond to the needs and demands of Filipinos but ultimately provide better opportunities for all communities,” said Lito Villanueva, RCBC Executive Vice-President and Chief Innovation and Inclusion Officer.
The financial institution has introduced a range of pioneering digital innovations, such as the one-stop-shop digital bank platform RCBC Digital, the Philippines’ first Taglish and Cebuano financial inclusion super app RCBC DiskarTech, the first kapit-bahay and last-mile handheld automated teller machine RCBC ATM Go, and the recently launched MoneyBela Barangayan Banking, a phygital (physical-digital) blended banking experience.
Despite the global economic challenges that emerged post-pandemic, RCBC’s relentless pursuit of becoming the country’s leading challenger bank has been reinforced, as evidenced by its impressive growth in revenues and transaction volume.
BAIPHIL is a prominent institute that advocates good governance and enhances the capability of the banking industry through continuous education, research, and information exchange.
RCBC is one of the rapidly growing banks in the Philippines and has been extensively recognized for its innovative banking solutions. The bank has climbed to become the country’s fifth-largest privately-owned universal bank from the eighth position in asset ranking in 2018. Despite the COVID-19 pandemic and competing investment activities, RCBC maintained its position and surpassed the P1-Trillion asset mark by the end of June 2022. RCBC’s continuous digital and business transformation efforts have further elevated its value and reach, making it the most awarded bank in the Philippines.
Among the several notable recognitions received by RCBC include being awarded the Philippines’ Best Bank for Digital by Asiamoney for three consecutive years, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, and the YouTube challenger award for its innovative and viral digital ad campaigns with a combined view count of over 17 million.