By BusinessMirror
TAGUIG CITY, PHILIPPINES—Rizal Commercial Banking Corporation (RCBC) announced that the world’s first financial inclusion application in Taglish (Tagalog-English) and Cebuano—RCBC DiskarTech—saw impressive growth in customer deposits and bill payments by 79% and 114%, respectively.
In a notable surge highlighting its dominance in the digital banking sector, the leading digital challenger bank reported impressive growth in August 2024. Instapay transaction volume saw a remarkable 45% increase, with transaction value jumping by 50%. The volume of cardless withdrawals also spiked by 42%.
RCBC DiskarTech is the bank’s top digital solution for underserved and unbanked Filipinos living in remote and rural areas. Any Filipino can open their first bank account digitally with just one valid I.D. and a Philippine number. Users have access to a high savings program with an interest rate of 4.88%, cardless withdrawals, cash deposits and deposits, affordable bank transfers worth Php 8.00, microinsurance, telemedicine, bill payments, mobile loading, remittances, and accessible loan service—Pasado Loan.
Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer, expressed his excitement about sharing the bank’s latest milestones with the public. He called them a pivotal achievement in advancing the Philippine government’s vision of a digitally empowered nation. He emphasized that the growth reflects the rising reliance and adoption of digital banking services among Filipinos, particularly in underserved and unbanked rural areas.
“RCBC DiskarTech’s sustainable growth represents the ever-growing acceptance of digital solutions and payments into the social fabric of Philippine society, which aligns with the government’s vision of a truly digital country,” Villanueva said.
“Digital is becoming the norm in historically considered underserved and unbanked areas. With the effectiveness and efficiency of financial literacy programs and financial inclusion campaigns, digital banking solutions are gaining a foothold in the provinces. More than 60 percent of the DiskarTech base are micro and small entrepreneur,” Villanueva added.
RCBC emerged as the fastest-growing bank in the country, leapfrogging from eighth position in 2018 to fifth in 2023 in the list of the Philippines’ largest privately owned banks in terms of assets. Among its global and local recognitions include a five-peat award as the Philippines’ Best Bank for Digital by Euromoney (formerly Asiamoney), the Eye on Innovation Award by Gartner, YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million, Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines, Number 1 in the Philippine Best Customer Service 2023 survey by the Philippine Daily Inquirer and global research firm Statista, and No 1 in system uptime according to a regional banks study by Brankas.
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