RCBC Pioneers Phygital Banking Access in Remote Mindanao Island
<img style="width: 100%;" src="https://slvrdlphn.com/wp-content/uploads/2023/12/photo_2023-12-15_10-58-26.jpg" alt="From left to right: Zeny Abillera, Chief Financial Officer of PhilTech Inc.; Arnold Arbillera, Founder and CEO of PhilTech Inc.; Hon. Mohamad Faizal Jamalul, Municipal Mayor of Turtle Island, Tawi-Tawi, accompanied by his wife Mrs. Jay Sayang Jamalul, mark the commencement of RCBC’s Barangayan Banking on Turtle Island.” />
TAGUIG CITY, PHILIPPINES – The fastest growing and leading digital challenger bank Rizal Commercial Banking Corporation (RCBC) proudly announced its landmark initiative to extend its physical-digital or phygital barangayan banking services to the geographically isolated and disadvantaged area of Turtle Island, Tawi-Tawi, situated in the Bangsamoro Autonomous Regional Muslim Mindanao (BARMM) region. This is made possible through RCBC ATM Go, the Philippines’ first and largest network of grassroots-oriented and bank-agnostic mobile-point-of-system ATM service that covers 100% of the Philippines and has presence in all 82 provinces through its network of partner merchants.
Turtle Island is positioned at the southwestern tip of the Philippines and a brief 30-minute boat ride from Sabah, Malaysia. The 5th class municipality has historically faced challenges with its residents traveling to BARMM for banking needs, incurring costs and physical burdens. The introduction of RCBC ATM Go is the first actual deployment of a bank in the island municipality, providing digital financial services and addressing logistical and financial concerns.
RCBC ATM Go offers a suite of banking services from balance inquiry, withdrawal, intra-bank and inter-bank funds transfer, bills payments, e-loading, and opening of accounts. The digital solution will also streamline the distribution of benefits of the government’s Pantawid Pamilyang Pilipino Program (4Ps), offering residents a more accessible and efficient platform for social amelioration withdrawals. Turtle Island currently has a population of 7,000 residents, with 3,000 beneficiaries under the 4Ps program.
RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva emphasized the bank’s intention to expand its services in every city and municipality in the country. He also expressed gratitude for Municipal Mayor Mohamad Faizal Jamalul’s all out support for RCBC Barangayan Banking, the institution’s award-winning financial inclusion campaign.
“We thank Mayor Jamalul for sharing our vision of making banking available to all. Through RCBC ATM Go, we can finally connect the people of Turtle Island to a growing network of disruptive and innovative digital solutions that can enhance their lives,” said Villanueva.
“Our purpose has always been to empower the least empowered and serve the most underserved. Our promise is to give all Filipinos the opportunity to enjoy life-enabling and opportunity-maximizing digital services,” Villanueva added.
RCBC’s investments in digital services have propelled it to become the fastest growing bank in the Philippines leapfrogging from 8th position in 2018 to 5th in 2022 in the list of the country’s largest privately-owned banks in terms of assets.
The bank’s digital innovations have earned it a four-peat Best Bank for Digital award by Asiamoney, the first Youtube ‘The Challenger’ award to be given to a bank, the Eye on Innovation Award by Gartner, and the topmost rank in the recent Philippine Best in Customer Service Survey by data gathering firm Statista and national broadsheet Philippine Daily Inquirer. Just recently, RCBC ATM Go was awarded Best Electronic Channel Program in the Bank Marketing Association of the Philippines (BMAP) Awards 2023.
This Press Release has also been published on VRITIMES
