RCBC
“ All segments of clients — from the mass affluent to the mass low-income market , the urban and the rural , the boomers to the millennials and the Gen Zs — are willing , even enthusiastic , to try new technologies ”
LITO VILLANUEVA EXECUTIVE VICE PRESIDENT AND CHIEF INNOVATION & INCLUSION OFFICER , RCBC
Here ’ s a quick rundown of some of the digital tech RCBC utilizes to push for financial inclusion :
• Cloud : This is the cornerstone of digital . It allows RCBC to launch banking apps and services with speed and scale
‘ The most effective technologies are those that make onboarding easier and attend to the needs of customers 24 / 7 ’, says Lito . ‘ As personalised banking spikes , we need to make transactions frictionless , ready at warp speed , and available all day , every day ’.
Driving Financial Inclusion A major barrier to banking , especially digital banking , is language .
‘ Traditional banks tend to intimidate lowincome customers with the way they present banking and the language — especially the banking jargon — that they use ’, Lito explains . This leads to a divide . ‘ Most traditional banks that pivot to digital still maintain the intimidating brand they project in their brickand-mortar branches . But on the other hand , digital-first banks tend to target the digitallysavvy , young Filipinos that know the ins and outs of technology ’.
These tactics push away unbanked customers and make it more difficult for them to join the formal financial system . RCBC ’ s approach , through Lito ’ s team , was to streamline its digital platforms and make everything as intuitive as possible to ensure that all clients are served , across all segments .
• AI / ML : This bridges communications with customers and helps RCBC develop more responsive and hyper-personalized banking solutions
• Facial Recognition Software : It onboards banking clients quickly and securely .
• eKYC ( Know Your Customer ): This further strengthens data privacy
• Chatbots : These enable digital banks to answer customer questions and process them much more quickly , 24 / 7
fintechmagazine . com 149