RCBC unveils financial inclusion app

Rizal Commercial Banking Corp. (RCBC) said it is promoting financial inclusion and helping micro, small and medium enterprises (MSMEs) improve their operations amid the pandemic with the recent launch of a mobile application.

The Yuchengco-led bank officially introduced on Wednesday DiskarTech, its financial inclusion app aimed at serving the unbanked Filipinos.

Angelito M. Villanueva, RCBC executive vice president and chief innovation and inclusion officer, said the mobile app offers a variety of features, separating it from usual payment solutions.

“We make sure that we address the barriers both real and imagined that keep most Filipinos unbanked,” said Villanueva, noting that while many Filipinos have online access, not everyone is enrolled in a bank.

It offers cardless automated teller machine (ATM) withdrawals, deposits and cash out from partner agents, fund transfers, bill payments and quick-response code transfers, among others.

DiskarTech features telemedicine to help users avail healthcare services from home, Villanueva said.

The RCBC executive vice president also said that the app could be the payment platform for the MSMEs.

Potential users can create their own basic deposit accounts through one-time registration via an electronic know-your-customer digital process. The application for a savings account does not require an initial amount or a maintaining balance.

“The goal really is to give every Pinoy access to responsive, secure and affordable financial services in support of the goals of the Bangko Sentral ng Pilipinas [BSP] and as part of RCBC’s thrust towards accelerating inclusive digital finance,” Villanueva added.

BSP Governor Benjamin E. Diokno reiterated that at least half of retail payment transactions will be accomplished via digital platforms by 2023. This, as 70 percent of adult Filipinos are expected to be financially included in three years.

“We must leverage on this momentum to drive technology-driven financial inclusion not only by promoting use of digital financial services but also increasing consumer trust and confidence,” Diokno said.

Trade Secretary Ramon Lopez, meanwhile, also expressed support toward DiskarTech as it is seen to help 1.3 million sari-sari stores and market vendors in more than 42,000 barangays across the country.

RCBC shares ended flat at P16.96 apiece amid the 0.03-percent growth for the main index on Wednesday.

From: https://businessmirror.com.ph/2020/07/01/rcbc-unveils-financial-inclusion-app/