RCBC’s innovation with empathy gains multiple recognitions

(Press Release)

The Rizal Commercial Banking Corporation (RCBC) identifies the customer’s pain points and innovates with empathy. That is how the bank’s executive vice president and chief innovation and inclusion officer Lito Villanueva explains RCBC’s motivation to improve its digital services in order to help its customers achieve their financial aspirations.

“To successfully launch and sustain a digital transformation initiative, we need to understand the customer’s pain points while at the same time anticipating their needs. To innovate with empathy has already become a part of RCBC’s transformative culture,” Villanueva said.

In 2021, the Yuchengco-led universal bank proved that almost everything is possible when it comes to digital finance innovations. “In 2022, our commitment is unrelenting efforts in accompanying more Filipinos towards shared prosperity,” Villanueva emphasized.

This mindset resulted in multiple recognitions here and abroad for its successful and effective digital innovations and initiatives during the pandemic.

 

Local and international recognitions

RCBC was recognized in the International Innovation Awards (IIA) 2021 and The Asian Banker Philippines Awards 2021, while the bank’s digital finance app, DiskarTech, was recognized by the London-based Global Banking & Finance Review as part of The Next 100 Global Awards for 2021.

In January 2022, the Department of Labor and Employment (DOLE) named RCBC as one of its outstanding stakeholders during the 88th DOLE Anniversary and Stakeholders Night.

Villanueva said RCBC has always believed in the power of partnerships, especially with key government agencies, to push inclusive digital finance forward: “In times of crisis, it is this collaboration between private and public sectors that will truly expedite the healing of our nation.”

 

RCBC’s DiskarTech

He pioneered the launch of RCBC’s DiskarTech, which was touted as a mass-market super app. As of the end of October 2021, a total of ₱18.7-billion in government aid and cash subsidy has been disbursed through DiskarTech and ATM Go, benefitting more than 27 million Filipinos in 76 out of 81 provinces in the country.

During the same period, the app booked a gross transaction value in excess of ₱14.9 billion. Partner deposits likewise recorded a 69.5% and 12.8% surge in transaction value and volume respectively, with close to ₱3 billion in cash-in value.

These cash-in and deposit transactions are being done in over 45,000 touchpoints nationwide that includes 7-Eleven, Bayad Center, Ayannah, rural banks, pawnshops, drugstores, and other money service business among others.