Triple-digital growth of up to 821% in key metrics of Rizal Commercial Banking Corporation’s (RCBC) online and mobile facilities during the lockdown or the enhanced community quarantine (ECQ) period is evidence of a substantial shift of more Filipinos to digital. This according to Lito Villanueva, RCBC executive vice president and chief digital innovation and inclusion officer.
“The positive numbers have also been buoyed by the enforcement of ECQ in many localities in the Philippines which drove new and existing clients from the physical branches to our digital platforms,” said Villanueva.
New signups from January to April of 2020 is up 173 percent year-on-year. Digital banking enrollment during the enhanced community (ECQ), March 17 to April 30, has grown 167 percent compared to pre-ECQ figures in 2020.
Daily transaction of all card-less ATM withdrawals is up 643 percent and 821 percent, in volume and in value, respectively, during the ECQ.
Unbanked recipients of remittances, who access their cash through card-less withdrawals in RCBC ATMs or payout partners, is up 393% in the same period.
Meanwhile, daily transaction volume of all online send cash transactions during the ECQ grew 487% compared to pre-ECQ numbers.
The send cash feature enables RCBC Online Retail clients to transmit money even to beneficiaries without bank accounts. Recipients receive a text message with a unique reference number that they may present to any accredited payout channel.
RCBC expanded in April their payout network to include MLhuillier, Palawan Pawnshop, Palawan Express, LBC, or Bayad Center outlets aside from actual RCBC bank branches or any of its over 1,500 ATMs nationwide.
InstaPay transfers of RCBC also shown marked increase. It grew by 357 percent in the first four months year-on- year and 183 percent during ECQ.
“We predict that this aggressive increase in new accounts and transaction value and volume will persist through the COVID-19 crisis and beyond as more users enjoy the benefit of our digital services,” said Villanueva.
“This is aside from covering all provinces in the Philippines with RCBC’s handheld ATM Go devices from the current 89 percent. This digital initiative helps the government in quickly disbursing social grants for the poor and vulnerable sectors affected by the lockdown,” Villanueva added. Over US$30 million has been disbursed through the digital facility growing at 141 and 122 percent on daily average transaction value and volume, respectively.