RCBC’s digital banking app records increase in deposit transactions, usage

By L.W.T. Noble, Business World

THE all-digital banking app Diskartech owned by Rizal Commercial Banking Corp. (RCBC) has seen an increase in deposit transactions as more clients continue to join the platform.

The platform saw a 42% rise in savings volume in January from the December level while deposits per user picked up by 38%, RCBC said in a statement.

ressed for details, RCBC said more than half (52%) of Diskartech users belong to the 21-30 age bracket. This was followed by those aged 31 to 40 (30%), 41 to 50 (10%), 18 to 20 (3%), and 61 to 70 (1%).

Nearly half of their platform’s users reside in Luzon (49%), specifically in Metro Manila (31%). This was followed by customers in Visayas (10%) and Mindanao (9%).

The usage volume of the app also surged by more than four times (274%) in January from the average seen last year.

“These numbers are very promising showcasing Filipinos’ resiliency amidst this challenging time. We hope to be a partner of every Filipino in our collective quest towards economic recovery,” RCBC Executive Vice-President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva was quoted as saying.

Diskartech was launched in July. Its offerings include a basic deposit account that does not require an initial deposit amount and a maintaining balance. It also features card-less ATM withdrawals and allows deposits and cash-outs from agent partners.

The bank hopes to attract more users into using the platform through its 3.25% annual interest on savings.

Mr. Villanueva earlier said they hope to attract Filipinos who are either underbanked or unbanked to the platform which has a Tagalog-English interface.

Central bank data showed only 29% of Filipino adults had formal bank accounts in 2019, leaving behind 51.2 million still unbanked.

RCBC’s net income decreased 7% to P5 billion last year from P5.388 billion in 2019 as the bank ramped up provisioning for credit losses to manage risks during the crisis.

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