Rizal Commercial Banking Corporation (RCBC) continues to lead the digital innovation initiatives in the Philippines as it receives this year’s The Asian Banker Financial Technology Award for Best ATM and Kiosk Implementation.
The Award for Best ATM and Kiosk Implementation is given to the industry player that is able to optimize the operational cost for the bank in handling cash and other automated transactions in a safe and secure environment while achieving measurable customer origination as well as selling and cross-selling goals.
With traditional banks embracing fintech, the Award for Best ATM and Kiosk Implementation recognizes RCBC and its fintech partners Weepay and Novus for the ATM Go implementation.
ATM Go focuses on utilizing mobile Point-of-Sale (mPOS) devices in order to provide customers ATM services plus additional features made available right in their own communities.
From the original two hardware devices, RCBC is now deploying an all-in-one device. The new terminal is capable of accepting credit cards, debit and prepaid cards, and QR code payments. These new features provide our partners with options in accepting payments for their business. Cardless withdrawal is also an additional service that ATM Go has recently offered.
“I would like to express our sincerest gratitude to The Asian Banker Financial Technology Innovation Awards for recognizing RCBC as the Best in ATM and Kiosk Implementation this year. This award further fuels our passion to serve our customers the best way possible, and provide them solutions that will assist them in their financial journey,” said Eugene S. Acevedo, RCBC President and Chief Executive Officer.
The platform has been instrumental in providing cash relief to the beneficiaries of the government’s social amelioration program, through the Ayuda Arangkada program. This undertaking spearheaded by RCBC at the height of the pandemic in 2020 is the first massive private sector initiative that helped disburse government aid to its designated recipients. A total of P 12.43 billion has been disbursed through the program, benefitting 4.4 million households or a total of 22 million individuals in 71 out of 81 provinces in the country.
“RCBC believes that inclusive, innovative, and empathy-filled digital solutions can help pave that path to recovery, continuity, and sustainability of businesses, and of society. We join the rest of the world in working towards redefining and reshaping the way we do things, to contribute to rebuilding a brighter and better normal,” said Lito Villanueva, RCBC’s executive vice president and chief innovation and inclusion officer.
ATM Go continues to aid the government in its pandemic recovery programs.
The utilization of ATM Go is an innovative approach to digital banking, maximizing customer reach and impact by serving the majority of Filipinos living outside the cities, allowing them to have convenient financial transactions without having to travel far from home or spending an entire day just to withdraw or deposit their money.
“ATM Go has become instrumental in providing easier financial access points to our fellow Filipinos especially those who are living in geographically isolated and difficult areas. In fact, we even have partner merchants as far as Sitangkai in Tawi Tawi. Before the end of this year, we would have covered all 81 provinces to provide these branchless banking services,” Villanueva added.
In terms of operational cost, ATM Go proves to be efficient in providing ATM services in areas with limited ATM presence. With the expansion of branches and deployment of the traditional ATMs becoming too expensive and ATM servicing including cash loading, first level and second level maintenance still a challenge, ATM Go sets the course for more efficient and inclusive banking for all Filipinos.
“The pandemic disruption has brought many businesses across industries on their knees. But we believe in the opportunities this challenge presents us. We continue to innovate in our operations so that we are able to offer a more holistic and inclusive approach when it comes to banking,” added Acevedo.
The Financial Technology and Innovation Awards is a landmark recognition program that provides a benchmark to the institutional achievements and the changes in the technological landscape across the region. The awards recognize the emerging best practices in technology implementations and innovations and identify the challenges and learnings that other financial institutions can benefit from. The program is managed by The Asian Banker, the leading institution in strategic intelligence on financial services. It was established in 1996 and has offices across the globe.
RCBC is among two Filipino banks that were recognized this year.
RCBC is one of the leading universal banks accelerating digital transformation in the Philippines. It was judged as the Philippines’ best retail bank in the 2021 Global Banking and Finance Review Awards. It is also the best digital bank for Business Tabloid in 2021 and by the Asiamoney and the Alpha Southeast Asia in 2020, among other global and regional recognitions. It is also the first local universal bank to have the most extensive reach with registered customers from across all 81 provinces nationwide through its mobile apps RCBC Mobile and DiskarTech. Its digital products include RCBC mobile and online banking, handheld ATM Go mobile point-of-sale terminals, and DiskarTech, among others. DiskarTech was recognized as the 2020 breakout finance app in the country by App Annie, a global data analytics firm covering all mobile applications worldwide.
