Dubbed as ‘The Consummate Banker’ in its magazine feature, Acevedo was the only Philippine banker included in the list for championing the financial inclusion efforts and digital expansion of the bank. Under the seasoned banker’s leadership, RCBC emerged as the fastest-growing bank in the country, leapfrogging from eighth position in 2018 to fifth in 2022 in the list of the Philippines’ largest privately owned banks in terms of assets.

In an interview with People Asia, the RCBC executive spot lit the bank’s advocacy to make banking accessible and relevant to millions of Filipinos in underserved and unbanked segments of Philippine society. RCBC strongly supported the Bangko Sentral ng Pilipinas’ vision of onboarding 70% of adult Filipinos and digitizing 50% of retail payments by the end of 2023. 

The CEO and President shared that the bank is also investing heavily in supporting micro, small, and medium enterprises through its recently launched RCBC Boz mobile application. The latest digital solution from the fastest growing bank in the Philippines provides a wide array of services to support budding entrepreneurs in building their businesses including payables, payrolls, receivables, and such. In addition, Acevedo shared that they are working tirelessly to make loans and credit accessible to entrepreneurs as Filipinos often face high barriers of entry into traditional formal loaning and credit systems.

Acevedo further highlighted RCBC ATM Go, a platform of almost 6,000 mobile devices servicing 100% of all provinces nationwide that act as a handheld ATM that facilitates withdrawals, deposits, and bills payments, among many other banking services. RCBC ATM Go is part of RCBC’s Barangayan Banking, providing convenient and relevant digital solutions for communities that suffer limited digital penetration.

The bank has also embarked on a tremendous sustainability venture by not only focusing on marginalized groups for financial access but also being the first Philippine bank to divest from coal towards cleaner energy alternatives. RCBC likewise ranked first in the Best Customer Service Survey 2023 by Statista and Philippine Daily Inquirer, a feat that Acevedo calls as a proof of the bank’s success in implementing a ‘customer-obsessed’ culture.

One of the recognitions that Acevedo centered on is the much-coveted Asiamoney recognition as the Philippines’ Best Bank for Digital award which RCBC has consecutively clinched in the past four years. Among over 100 noteworthy distinctions received by RCBC include being the Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines, the Eye on Innovation Award by Gartner, YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million, Asia Pacific Enterprise’s Inspirational Brand Award, and 3-peat recognition as Best Retail Bank by Global Banking and Finance. 

“RCBC and RCBC bankers were capable of doing much more than what they get credit for. I was a believer right from the start. And we have shown indeed that we could,” Acevedo shared.

“All those qualitative and financial achievements confirm what I have always believed in: that RCBC bankers can compete with rivals in the industry,” Acevedo added.

PeopleAsia’s “People of the Year” 2024 are featured in the magazine’s December 2023-January 2024 issue. Joining RCBC’s Acevedo in PeopleAsia’s group cover are business heavyweights GT Capital Holdings Vice Chairman and Toyota Motors Philippines Chairman Alfred Ty, Volvo Philippines President and CEO Atty. Albert Arcilla, Shell Pilipinas Corp. President and CEO Lorelie Osial, and Grab Philippines country head Grace Vera Cruz.

The Yuchengco-led bank was recognized by BAIPHIL for its trailblazing innovations and programs in delivering digital finance services for all, reaching even the hard-to-penetrate segments of the market that include marginalized communities which are mostly unbanked and underserved. The organization emphasized, through its official congratulatory letter, that “RCBC has exhibited consistent growth in its volume of digital payments, notably PESONet and InstaPay transactions as well as in the number of Basic Deposit Accounts from 2020 to 2022, as shown by the data and information from the BSP and the Philippine Payments Management, Inc. Moreover, RCBC has shown adherence and compliance with the National Retail Payments System principles.”

“Financial inclusion is embedded in everything we do. At the forefront of all RCBC’s efforts are the people we promise to serve, providing them with the accessibility, security, and convenience they deserve through our digital finance system. With this, we lower any barriers and empower every Filipino to achieve their financial aspirations and uplift their livelihoods,” said Eugene S. Acevedo, RCBC president and chief executive officer. 

“Innovating with empathy drives us to develop services that not only respond to the needs and demands of Filipinos but ultimately provide better opportunities for all communities,” added Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.

By rolling out a suite of digital innovations aligned with the BSP’s goals to increase the number of banked Filipinos from 56% in 2021 to 70% by 2023, RCBC has continuously provided human-centric innovations that are responsive to the growing needs of the population.

Among the pioneering digital innovations of RCBC is the one-stop-shop digital bank platform, RCBC Digital; the Philippines’ first Taglish and Cebuano financial inclusion super app, RCBC DiskarTech; the country’s first kapitbahay and last mile handheld automated teller machine, RCBC ATM Go; and the recently launched phygital (physical-digital) blended banking experience MoneyBela Barangayan Banking.

The relentless pursuit of RCBC to be the country’s leading challenger bank has been fortified as it celebrates its massive digitalization growth rising above global economic challenges post-pandemic with impressive growth in revenues and transaction volume.

“This award recognizes our focus on providing solutions that meet every Filipino’s evolving needs. By innovating with empathy, enhancing our digital offerings, and fostering a culture of customer-centricity, RCBC now cements itself as the fastest-growing and undisputed challenger bank in the country,” said Eugene S. Acevedo, RCBC President and CEO. 

RCBC, which was also named the country’s best bank for digital for three consecutive years by the Asiamoney introduced game-changing digital innovations that recorded exponential growth in gross transaction value and volume such as  the RCBC DiskarTech, RCBC ATM Go, and the newest phygital (physical-digital) blended banking experience RCBC MoneyBela Barangayan Banking.

“Financial inclusion, literacy, and education are at the heart of what we do in RCBC. They are integrated with every step of our innovation journey. RCBC DiskarTech is designed to accelerate the inclusion of the unbanked and underserved in the formal banking system. As we continue to understand the needs of every Filipino, we also continue to roll out innovations that fortify RCBC’s position as the bank for all Filipinos,” said Lito Villanueva, RCBC Executive Vice President and Chief Innovation and Inclusion Officer.

A key feature of RCBC DiskarTech is its acceptance of a wide range of identification cards in opening a basic deposit account that offers 6.5 percent savings interest rate, one of the highest in the Philippine digital banking market. The inclusion app accepts 18 IDs including LGU-certified identification such as the Quezon City ID. 

Retail Bankers International Asia Trailblazer Awards celebrates the best-in-class retail banking and consumer finance institutions and individuals for their innovative service offerings and commitment to customer excellence. The programme also delivers an exceptional benchmark bringing together the most senior retail banking executives, vendors, and other key industry stakeholders from across Asia.

RCBC is one of the country’s fastest-growing banks, and the most awarded for its banking innovations.  It is now the Philippines’ 5th largest privately-owned universal bank from 8th place in asset ranking in 2018. It accomplished and maintained this feat from 2020 to the present, even breaching the P1-Trillion asset mark by the end of June 2022 despite the COVID-19 pandemic and various investment activities by competition. RCBC’s continuing digital and business transformation further enhanced its value and reach. RCBC has now become the most awarded Philippines bank. Among its recognitions include a three-peat award as the Philippines’ Best Bank for Digital by Asiamoney, back-to-back wins for Best Financial Inclusion App by The Asian Banker’s Financial Technology Innovations Awards, and the YouTube challenger award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million.

“It goes back to the DNA of the company, which is nation-building. Any initiative related to that, we keep investing,” said RCBC Chief Executive Officer Eugene S. Acevedo. 

RCBC partnered with DTI in the past few years which yielded groundbreaking results. These include assistance for more than 262,105 mSMEs from 2019 to 2022, the majority or approximately close to 160,000 were women and half were millennials and Gen Z entrepreneurs. More than 70% of them were in the provinces.

Senior citizens, the majority of whom live in the provinces, also benefited from RCBC’s collaboration with DTI by receiving free insurance. Insured elderly availed of assistance for fire accidents and medical emergencies through the award-winning super financial application, RCBC DiskarTech. The application is the country’s first financial inclusion application in Taglish and Cebuano.

Sec. Pascual lauded RCBC’s efforts and affirmed the bank’s philosophy of centring their innovations on nation-building and improvement of quality of life. “Know your customer. With the ability to know where they are, it’s easier for us to market,” said the DTI Secretary.

He reaffirmed the position of digital banks in the country’s post-pandemic development by linking their value to the growth of mSMEs. “There are more than a million mSMes, How can we bring the mSMes to the formal financial system? By digitalizing,” said Pascual.

Fintech visionary and award-winning banker Lito Villanueva agreed with Pascual. “That is [RCBC’s] objective. How to reach mSMEs, and help them capture more consumers and expand their businesses. We are here to help DTI,” said Villanueva.

Pascual stands firm on the Philippine government’s objective of rebuilding the economy after the deadly pandemic. “We can achieve growth by giving access to markets, technology, finance, negosyo centers, regional inclusive centers,” said Pascual, affirming RCBC’s strategy of uplifting local businesses.

RCBC is now the country’s most awarded and undisputed challenger bank with over 70 digital regional and global accolades during the pandemic period. Among them include being the Philippines’ Best Bank for Digital for three consecutive years (2020-2022) by the Asiamoney, Best Financial Inclusion App by the Asian Banker, and YouTube’s The Challenger award for its out-of-the-box and certified viral digital ad campaigns which generated a combined 17 million views.

With this digital initiative, SSS members will now have the option to apply for SSS UMID cards powered by RCBC DiskarTech, the Philippines’ first and only Taglish and Cebuano financial inclusion mobile app. Fully verified SSS members will enjoy 3.25% interest on their RCBC DiskarTech basic deposit accounts with no required maintaining balance aside from other features such as loans, buy load, bills payment, insurance, free fund transfers for RCBC and DiskarTech users, telemedicine, rewards, and livelihood opportunities, among others.

The new card will give members the convenience of having a government ID and an ATM card in one.

During the signing of the memorandum of agreement, RCBC president and chief executive officer Eugene S. Acevedo said the partnership with SSS forms part of RCBC’s drive to bring banking and financial services closer to every Filipino even in geographically isolated and disadvantaged rural areas.   

“The best way to solve problems is always to work and collaborate with organizations with similar objectives and whose hearts are equally in the right place. And obviously, that’s SSS. That’s why our tagline is partners through generations. Today, we welcome another meaningful partnership through digital-enabled UMID cards for millions of SSS members like myself, and powered by RCBC-DiskarTech,” Acevedo added.

SSS president and chief executive officer Michael G. Regino said that its digital partnership with RCBC is aligned with its goal to give Filipinos the chance to be part of the financial system, giving them access to official and secured financial services. “The intent of this good program is to make every SSS member financially included. The single biggest change which we believe will bring an ordinary SSS member who does not have an account is the chance to be included in the financial system. With RCBC, we are on the right track,” said Regino.   

“This is another milestone in supporting the government’s National Strategy for Financial Inclusion and the Digital Payments Transformation Roadmap anchored on the Administration’s eight-point socioeconomic agenda. Collaboration is key in accelerating inclusive growth” said Lito Villanueva, RCBC executive vice president and chief innovation and inclusion officer.

The BSP’s digital payments transformation roadmap aims to transform at least 50 percent of retail financial transactions to digital and enable 70 percent of adult Filipinos to have transactional accounts.

Sumitomo Mitsui Banking Corporation (SMBC) recently increased its 5 percent stake in RCBC to 20 percent with over Php 27.12 billion capital infusion. RCBC also reported an 88 percent surge in its net income to P10.1 billion in the January to September 2022 period, resulting in a nearly 30 percent improvement in its gross income.

More than a year after its first launch in June 2020, RCBC DiskarTech has shown phenomenal growth in 2021 as it continues to enable the unbanked Filipinos across the country.

The Yuchengco-led Rizal Commercial Banking Corporation’s (RCBC) unique innovations and synergized collaborations have successfully pushed financial inclusion as it notes a five-digit growth in both transaction volume and value, through its digital platforms as of end-2021. 

Touted as the first Taglish and Cebuano financial inclusion super app in the country that empowers the mass market, DiskarTech has successfully scaled its reach and usage with over five million downloads in less than two years, more than double from the previous year-end. 

Interestingly, close to 70 percent of DiskarTech’s customer base are mostly Generation Z and more than 80 percent reside outside Metro Manila in all 81 provinces nationwide. But RCBC Executives see more opportunities for further growth through a sustained information and education drive.

“Innovation with empathy. This has been the collective mindset we all share in RCBC when it comes to developing and providing digital platforms and solutions for our customers. It is by understanding the needs of the people we serve that RCBC finds its strength as a digitized legacy bank,” said Eugene S. Acevedo, RCBC’s President and Chief Executive Officer.

As of end-December 2021, it has recorded a gross transaction value in excess of Php18.3 billion, a growth of 139 percent compared to previous year. The super app’s partner deposits or cash-in also booked a 26,568-percent and 6,632-percent surge in transaction value and volume compared to 2020 figures. These cash-in and cash-out transactions are being done in over 45,000 touch-points nationwide that including 7-Eleven, Bayad Center, Ayanah, rural banks, pawnshops, drugstores, and money service business, among others.

DiskarTech fund transfers via InstaPay rail have also been on an uptrend. Incoming InstaPay transaction volume and value increased by 2,113 percent and 2,616 percent respectively, while outgoing Instapay transaction volume and value also hiked to 527 percent and 12,394 percent. 

Bills payment transactions via DiskarTech also grew by 2,113 percent in volume and 2,616 percent in value.

Likewise, RCBC’s neighborhood mobile point-of sale terminal (mPOS) ATM Go also recorded an increase in year-to-date transaction volume of more than 2.8 million with a total throughput value of almost Php8 billion. Over 60 percent of the transactions served were Pantawid Pamilya conditional cash transfer beneficiaries in 77 out of 81 provinces.

Meanwhile, RCBC’s primary mobile baking app RCBC Digital, registered a 75-percent increase in total throughput value for its mobile and web versions, generating a value of more than Php109 billion. RCBC Digital also introduced pioneering app-based services such as the country’s first digital investment management account (IMA) opening, digital concierge, and mobile check deposit, among others.

These three digital platforms combined, inked a 116-percent jump to RCBC’s year-on-year revenue.

“This record high growth reflects how RCBC’s digital innovations have been warmly embraced by Filipinos nationwide, and mirrors its significant contribution to the country’s digitalization and financial inclusion efforts,” said Lito Villanueva, executive vice president and chief innovation and inclusion officer of RCBC’. 

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.

With the aim of widening the financial inclusion base in the country, Rizal Commercial Banking Corporation’s (RCBC) DiskarTech continues to gain the trust and loyalty of more and more Filipinos nationwide for their digital banking and fund transfer needs.

This is reflected in the 2021 quarter-on-quarter usage growth of DiskarTech among its Filipino users, with a total throughput value of more than Php 2 billion for its second quarter, a 388-percent increase since January. 

Among the top in-app services offered, Filipinos prefer to use the DiskarTech app for their outgoing Instapay transactions with 241 percent increase; deposits from partner merchants, stores and institutions with 164 percent; and internal fund transfers with 157 percent. 

DiskarTech users also took advantage of the app’s cardless withdrawal feature with a 597-percent transaction count growth valued at more than Php120 million by end of June 2021. 

For deposits from partner merchants, stores and institutions alone, DiskarTech transacted more than Php700 million in the second quarter, a 531-percent increase from more than Php100 million transacted for the first quarter of this year. This is followed by outgoing Instapay transactions summing up to more than Php 1 billion at 435-percent increase, and internal fund transfers valued at more than Php 27 million with a 289-percent increase since January. 

Total deposits using the DiskarTech app is also on an uptrend at 55-percent increase from the first quarter, bringing the deposit size value for the second quarter to more than Php 74 million.

“The sustained usage growth of DiskarTech for the second quarter of this year is a clear testament to the growing trust and confidence of Filipinos nationwide for the country’s first Taglish financial inclusion app. By waiving fund transfer fees for transactions done with other banks, we have removed one of the barriers that may discourage ordinary Filipinos to avail the services that we offer.” said Lito Villanueva, RCBC’s Executive Vice President and Chief Innovation & Inclusion Officer.  

To further boost its customer usage experience, DiskarTech recently launched on July 1 its Bisaya version, making the app interface more understandable and accessible to customers living in the Visayas and other regions of the archipelago who speak the language. Moreover, DiskarTech also introduced this year its Batch Enrolment System (BES) with partner establishments and institutions, which makes it easier for prospective customers and users to access the DiskarTech app and avail of its services.

“RCBC remains committed in helping Filipinos, especially those coming from the geographically isolated and disadvantaged areas, to have easier access to different financial services,” said Eugene S. Acevedo, RCBC’s President and CEO.

Such innovations targeting better customer usage experience and financial inclusion paved the way for DiskarTech to be recognized as the 2020 breakout finance app in the country by App Annie, a global data analytics firm covering all mobile applications worldwide. 

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, by the Asiamoney in 2020, and by the Alpha Southeast Asia for 2020 and 2021, 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 two other digital products RCBC Mobile and DiskarTech. 

RCBC is once again recognized as the Region’s Best Inspirational Brand, and was also conferred with the Corporate Excellence Award for the first time this year. 

The Asia Pacific Enterprise Awards is helmed by Enterprise Asia, the region’s leading non-governmental organization focused on making Asia a sustainable and progressive economy by fostering equality in the region. 

Established in 2006, Enterprise Asia centers on 14 countries and markets with over 2,000 members with a total cumulative net worth above USD 50 billion. The Asia Pacific Enterprise Awards was created to recognize the entrepreneurial spirit and corporate excellence among institutions that spur greater innovation and grows entrepreneurship in the region. 

The awards were created to honor the region’s best industry leaders and give them a platform to share their knowledge to the younger generation.

The Inspirational Brand Award recognizes brands that are transforming the economy by promoting goodness, wellness and sustainability. Nominees have been from market-ready brands with measurable metrics in any products or services category. RCBC has been hailed as one of the heroes of the brand universe for two straight years now.

Meanwhile, RCBC bagged for the first time the Corporate Excellence Award, which is given to participants that demonstrate effective talent mobilization and organizational capability to deliver consistent business results while remaining aligned to the organization’s purpose.

RCBC continues to blaze the trail as it marks the first-year anniversary of its financial inclusion super app DiskarTech, which was recognized as the 2020 breakout finance app in the country by App Annie, a global data analytics firm covering all mobile applications worldwide.

This July, DiskarTech is set to launch new programs and features to further push for financial inclusion and digital acceleration in the Philippines. From being the first and only Taglish inclusion app in the country, DiskarTech is set to offer the app in Bisaya, making it more understandable and accessible to customers living in the Visayas and other parts of the archipelago that speak the language.

As one of the leading universal banks accelerating digital transformation in the Philippines, RCBC was judged as the Philippines’ best retail bank in the 2021 Global Banking and Finance Review Awards. It was also hailed as the best digital bank for Business Tabloid in 2021 by the Asiamoney, and by the Alpha Southeast Asia in 2020 among other global and regional recognitions. 

RCBC 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. 

Watch the awarding ceremony: