February 13, 2022 | 00:00
MANILA, Philippines – The gross value of transactions handled by Rizal Commercial Banking Corp. (RCBC) through its digital banking app jumped 75% to 109 billion pesos, while that of its DiskarTech app soared 193% to 18.3 billion pesos last year.
RCBC President and CEO Eugene Acevedo said the bank’s unique innovations and synergistic collaborations have succeeded in advancing financial inclusion.
“Innovate with empathy. This is the collective mindset we all share at RCBC when it comes to developing and delivering digital platforms and solutions to our customers. It is by understanding the needs of the people we serve that RCBC finds its strength as a digitized legacy bank,” he said.
DiskarTech succeeded in expanding its reach and usage with over five million downloads in less than two years, more than double the previous year.
App partner deposits or cashes in over 45,000 touchpoints nationwide, including 7-Eleven, Bayad Center, Ayanah, rural banks, pawnshops, pharmacies and money service businesses , among others, booked 26,568% and 6,632% increase in transaction value and volume, respectively, compared to 2020 figures.
Similarly, remittances via InstaPay also saw an upward trend, with the volume and value of inbound transactions increasing by 2,113% and 2,616%. respectively. Outbound InstaPay transaction volume and value also soared by 527% and 12,394%, respectively.
Additionally, bill payment transactions through DiskarTech soared 2,113% in volume and 2,616% in value.
RCBC’s ATM Go neighborhood mobile POS terminal also saw a year-to-date increase in transaction volume of over 2.8 million with a total debit value of nearly 8 billion pesos.
More than 60% of transactions served were Pantawid Pamilya conditional cash transfer recipients in 77 out of 81 provinces.
The bank said RCBC Digital has also introduced pioneering app-based services such as opening the country’s first digital investment management (IMA) account, digital concierge and mobile check deposit, among others.
These three digital platforms combined saw a 116% increase in RCBC revenue year-over-year.