Rizal Commercial Banking Corporation (RCBC) has reported a significant development with its digital finance platform, RCBC Pulz, which now manages 35% of the total unsecured lending volume, projected to rise to 50% by the end of 2024.
The increase in consumer digital lending is attributed to the RCBC platform’s accessibility and the ease of loan applications, allowing for near real-time disbursement of loan proceeds.
Launched in July 2023, RCBC Pulz has made strides in digital banking by introducing a streamlined mobile banking app, an updated version of the former RCBC Digital. Within its first three months, it garnered over a million users, offering services such as a seamless bank onboarding process, fund transfers, foreign currency exchange, mobile cheque deposit, and online investments, including the Philippines’ first in-app unit investment trust fund (UITF).
The growth in consumer credit availability is part of RCBC’s strategy to extend its financial services to a wider range of Filipinos, particularly targeting those who are digitally connected via smartphones and high-speed internet.
The platform’s credit card management feature and straightforward loan application process have enabled new digital account holders to access financial services that were previously difficult to obtain due to strict entry barriers and extensive requirements. Filipinos can now receive digital loan disbursements and credit decisions from the bank within five minutes.
Arniel Vincent B. Ong, RCBC Credit Cards president and CEO, commented,
“We are dedicated to crafting products and customer journeys with our customers at the forefront, enhancing engagement rates with our targeted clientele.”
He emphasised RCBC’s focus on meeting customer needs and the growing demand for quick digital transactions.
Lito Villanueva, RCBC’s Executive Vice President and Chief Innovations and Inclusion Officer, observed the increase in loan bookings as an indication of Filipinos increasingly using formal lending services.
He pointed out that financial inclusion involves more than just account creation; it includes providing banking services like credit and loans to unbanked and underserved Filipinos.
Lito remarked,
“With applications like RCBC Pulz, equipped with accessible features for the general public, more Filipinos are leveraging their financial opportunities and expanding their horizons for personal and business development.”
Featured image credit: Edited from Freepik
