Digital Banking Transactions Continue Surge In Philippines as Quarantine Enters Week 3by Fintech News Philippines March 30, 2020
From the first three days of the enhanced community quarantine (ECQ), new enrolments in RCBC Online Banking continued to rise. The bank registered last Thursday, March 26, a new high of new enrolments in one day. The daily average of new signups post-ECQ, from March 17 to March 26, grew by 117 percent from the daily average pre-ECQ in the same month. Significant dips in signups are noted during the weekends.
For transactions, the most growth was observed in the Cardless ATM Withdrawal function. A 633-percent increase in count and a 416-percent increase in throughput was recorded between pre- and post-ECQ figures in March.
Send Cash transactions more than doubled in the same period. A 144-percent increase in count and a 44-percent increase in throughput was recorded between pre- and post- ECQ figures in March. Send Cash is a service available in RCBC Online Banking where clients can remit money to unbanked loved ones. The amount can then be withdrawn from any RCBC branch or ATM nationwide.
“All these are geared towards enabling and empowering more Filipinos to leverage on digital technology as the bank readies new products that will address their needs during these challenging and extraordinary times,”
said RCBC executive vice president and chief innovation and inclusion officer Lito Villanueva.
Meanwhile, fund transfers through InstaPay grew by 41 percent in transaction count and by 10 percent in daily throughput.
Another pioneering product of RCBC that has proven useful during the COVID-19 situation is the ATM Go, a mobile automated teller machine (ATM). It uses mobile point- of-sale devices to provide the functions of an ATM for BancNet cardholders. This facility serves clients in remote areas through partner-merchants which include rural banks, sari-sari stores, drugstores, cooperatives, and microfinance institutions.
ATM Go transaction count has surged upward. It has hit the highest daily transaction count last March 24 which grew by more than half of its average daily transaction count pre-ECQ in the same month.
“RCBC’s online and mobile facilities proved to be a ready and reliable partner for its clients during this difficult time. Filipinos under quarantine have limited mobility but with increased financial requirements. RCBC Online Bank offered a quick and safe solution for this problem,”
said RCBC president and CEO Eugene S. Acevedo.
Accelerating the bank’s digital transformation has been the priority of the management even before the COVID-19 crisis. RCBC has continuously improved and developed its digital initiatives in recent years. Only last year, RCBC introduced a number of new online banking features in its revitalized mobile banking app.
RCBC continues to encourage its clients to turn to its online and mobile facilities to service their financial requirements. The bank has also began digital enrollment for new- to-bank retail customers.
This article first appeared on fintechnews.sg