Rizal Commercial Banking Corporation (RCBC) has garnered yet another recognition to add to its multiple wins in various global and regional awards having been named as Grand Champion in the 2022 Bank Champions in Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines (BAIPHIL). The awards ceremony recognizes the BAIPHIL member banks who have embraced the twin initiatives of the Bangko Sentral ng Pilipinas (BSP) under its Digital Payments Transformation Roadmap.
The Yuchengco-led bank was recognized by BAIPHIL for its trailblazing innovations and programs in delivering digital finance services for all, reaching even the hard-to-penetrate segments of the market that include marginalized communities which are mostly unbanked and underserved. The organization emphasized, through its official congratulatory letter, that “RCBC has exhibited consistent growth in its volume of digital payments, notably PESONet and InstaPay transactions as well as in the number of Basic Deposit Accounts from 2020 to 2022, as shown by the data and information from the BSP and the Philippine Payments Management, Inc. Moreover, RCBC has shown adherence and compliance with the National Retail Payments System principles.”
“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,” said Eugene S. Acevedo, RCBC president and chief executive officer.
“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,” added Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.
By rolling out a suite of digital innovations aligned with the BSP’s goals to increase the number of banked Filipinos from 56% in 2021 to 70% by 2023, RCBC has continuously provided human-centric innovations that are responsive to the growing needs of population.
Among the pioneering digital innovations of RCBC is the one-stop-shop digital bank platform, RCBC Digital; the Philippines’ first Taglish and Cebuano financial inclusion super app, RCBC DiskarTech; the country’s first kapitbahay and last mile handheld automated teller machine, RCBC ATM Go; and the recently launched phygital (physical-digital) blended banking experience MoneyBela Barangayan Banking.
The relentless pursuit of RCBC to be the country’s leading challenger bank has been fortified as it celebrates its massive digitalization growth rising above global economic challenges post-pandemic with impressive growth in revenues and transaction volume.
BAIPHIL is the leading institute that supports the banking industry in advocating good governance and enhancing capability through continuing education, research and information exchange.
RCBC is one of the country’s fastest-growing banks, and the most awarded for its banking innovations. It is now the Philippines’ 5th largest privately-owned universal bank from 8th place in asset ranking in 2018. It accomplished and maintained this feat from 2020 to the present, even breaching the P1-Trillion asset mark by the end of June 2022 despite the COVID-19 pandemic and various investment activities by competition. RCBC’s continuing digital and business transformation further enhanced its value and reach. RCBC has now become the most awarded Philippines bank. Among its recognitions include a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, 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 viral and out-of-the-box digital ad campaigns generating combined views of over 17 million.
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