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April 24, 2024

RCBC’s digital transactions hit P40B in Q1

The digital transactions of Rizal Commercial Banking Corp. (RCBC) led by bankero Eugene Acevedo amounted close to P40 billion in the first quarter of the year as the bank continues to push for wider financial inclusion and digital acceleration in the country.

The Yuchengco-led bank booked a 205-percent increase in revenues for its three digital platforms including Diskartech, RCBC Digital and ATM Go from January to March this year.

“The sustained exponential growth of RCBC’s DiskarTech this quarter is only indicative that Filipinos are now getting more comfortable with digital financial transactions,” the bankero said.

Acevedo said the listed bank through DiskarTech contributes to the national goal of the Bangko Sentral ng Pilipinas (BSP) to onboard 70 percent of adult Filipinos into the formal financial system and converting at least 50 percent of financial transactions to digital by 2023.

With 69 percent of its user base located across all 81 provinces in the country, RCBC’s first Taglish and Cebuano financial inclusion super app DiskarTech registered over P4.18 billion in gross transaction value as of end-March this year.

This is a 862 percent jump compared to 2021 values, driven by high-volume transactions across different services offered in the app that surged by 265 percent.

Among key transactions done through DiskarTech, partner deposits remain to be the largest contributor to the app’s overall growth, registering 1,137-percent and 308-percent in both transaction value and volume, respectively.

DiskarTech’s deposit size more than doubled to P106 million.

Meanwhile, the bank’s primary mobile banking app RCBC Digital, registered a 51 percent increase in transactions to over P34 billion on the back of a 31 percent increase in total throughput volume for its mobile and web channels.

RCBC Digital also launched early this year its simplified new-to-bank registration feature allowing prospective clients to open an RCBC account and transact using the mobile app without having to apply in physical branches.

Likewise, RCBC’s neighborhood mobile point-of-sale terminal (mPOS) ATM Go also recorded a 22-percent increase in year-to-date transaction volume with a total throughput value of P1.8 billion for the first quarter of the year.