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Thursday, June 13, 2024

RCBC solidifies its digital dominance with the bullish expansion of ATM Go

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In a move that solidifies its position as the nation’s fastest-growing bank, Rizal Commercial Banking Corporation (RCBC) announces the remarkable expansion of its RCBC ATM Go Network, making it the sole Philippine bank with the most extensive mobile point-of-service merchant network spanning all 82 provinces and achieving 100 percent nationwide coverage. This strategic initiative underscores RCBC’s commitment to providing accessible financial services.

With an impressive reach, RCBC now boasts coverage in 99 percent of cities and 80 percent of municipalities nationwide, representing a significant milestone in its mission to democratize banking access. The bank anticipates achieving full coverage in all municipalities within the next four months, a move poised to revolutionize banking access in rural areas.

The pioneering RCBC ATM Go, the country’s first bank-agnostic, last-mile, and community mobile ATM, has witnessed an astounding 731 percent expansion in new terminal deployments compared to its 2022 performance. Additionally, it has experienced an exponential surge of 112 percent in transaction volume and a remarkable 104 percent rise in transaction value.

Powered by dual-sim mobile-point-of-service equipment, RCBC ATM Go stands as a groundbreaking neighborhood automatic teller machine, uniquely designed to bring ATM services even to the most remote communities. Its rapid growth, particularly during the pandemic, reflects the increasing embrace of digital banking among individuals in their daily lives.

Beyond expanding its reach, RCBC has been actively promoting digital and financial literacy through targeted campaigns and partnerships with government agencies and local units. These efforts specifically aim to address underserved and unbanked areas, including geographically isolated and disadvantaged regions (GIDAs), thereby bridging the gap in financial inclusion.

Remarkably, RCBC is the sole private universal bank covering all provinces of the Bangsamoro Autonomous Region in Muslim Mindanao. Over 90 percent of ATM Go transactions originate from rural areas, with rural women accounting for a significant 68 percent. Approximately 60 percent of these transactions are Conditional Cash Transfer (CCT) disbursements, underscoring the substantial socio-economic impact of ATM Go in fostering development initiatives.

Lito Villanueva, RCBC’s Executive Vice President and Chief Innovations and Inclusion Officer, expressed enthusiasm for the bank’s achievements and its commitment to enhancing digital solutions. Villanueva highlighted the bank’s dedication to innovation, promising new features that will redefine digital banking and elevate financial inclusion.

Acknowledging the collaborative efforts with the Philippine government and local communities, Villanueva emphasized the transformative impact of these partnerships in creating a digital solution that transcends RCBC’s brand, positively impacting lives and communities.

RCBC ATM Go has garnered widespread recognition, including prestigious awards such as the Best ATM Project in The Asset Triple A Digital Awards 2024 and Best SME Financial Inclusion Initiative in The Digital Banker – Global SME Banking Innovation Awards. Furthermore, RCBC’s ascent as the country’s fastest-growing bank is evidenced by its leap from eighth to fifth position in the list of the Philippines’ largest privately owned banks in terms of assets.

RCBC has been consistently recognized for its digital prowess, receiving numerous accolades such as the Philippines’ Best Bank for Digital by Asiamoney and the Eye on Innovation Award by Gartner. With a track record of innovation and customer-centric initiatives, RCBC continues to redefine banking in the Philippines and beyond.

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