By Alithea De Jesus
The digital financial inclusion efforts of Rizal Commercial Banking Corporation’s (RCBC) did not go unnoticed since it launched its DiskarTech super app last July 2020, as they are recognized in the 2020 ASEAN Enterprise Innovation Awards.
The Singapore-based award-giving body, Asia IoT Business Platform (AIBP), cites organizations from Southeast Asia that have embarked on the digital transformation in their businesses through the use of innovative technology.
DiskarTech, the Philippines’ first financial inclusion super app, has enabled unbanked and underserved Filipinos to join the formal financial system. It is a savings account that is created through one-time registration via an electronic know-your-customer process.
“We are glad to be at the forefront of digital transformation in the local banking industry. It speaks of the company’s commitment to be a partner of the nation in empowering and enabling Filipinos,” said Eugene S. Acevedo, RCBC President and Chief Executive Officer.
Meanwhile, Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer said. “It is an exciting time in the banking and fintech industry with the introduction of new technology that can affect real change to the mass market. We, at RCBC, strive to bring these solutions to as many Filipinos as quickly as possible. This is an important endeavor as a new study shows that the Philippines continues to lag behind vis-à-vis with its global and regional counterparts in terms of connectivity and digital transformation.”
As a digital-only basic deposit account, DiskarTech eliminated real and imagined barriers of everyday Filipinos to banking services. It requires only one valid government ID and does not ask for an opening amount nor a maintaining balance. The interface of the app is also rendered in the conversational Taglish vernacular.
Aside from 3.25% interest per annum on their savings, DiskarTech users are also treated to a suite of sachet financial services through its use of insurtech and other innovative digital solutions.
With most of its 3.5 million downloads recorded outside the National Capital Region, DiskarTech has empowered Filipinos across the archipelago to enjoy cashless and contactless payment, online fund transfer, cardless ATM withdrawal, bills payment, prepaid credit top-up, telemedicine, and other digital transactions with a touch of a finger.
DiskarTech was also pivotal in the digital disbursement of P12.43-billion cash assistance to 3.3 million household beneficiaries or about 16.6 million individuals in 72 out of 81 provinces nationwide.
RCBC is one of the leading universal banks accelerating digital transformation in the Philippines. It was judged in 2020 as the Philippines’ best digital bank by AsiaMoney and the Alpha Southeast Asia awards, alongside other global and regional awards. Its digital products include RCBC mobile and online banking, handheld ATM Go mobile POS terminals, and DiskarTech, among others.
