RCBC pushes ramp-up as Q1 digital revenues triple

YUCHENGCO-LED Rizal Commercial Banking Corp. said its revenues from its three digital platforms tripled in the first quarter of the year as the bank said it continues to push for wider financial inclusion and digital acceleration in the country.

With 69 percent of its user base located across all 81 provinces in the country, RCBC’S financial technology brand Diskartech registered over P4.18 billion in gross transaction value as of end-march this year, more than nine times to previous year’s values, it said.

This was generally driven by highvolume transactions across different services offered in the app which also noted a 265-percent increase from last year, the bank said.

“The sustained exponential growth of RCBC’S Diskartech this quarter is only indicative that Filipinos are now getting more comfortable with digital financial transactions. We’re delighted that through Diskartech, we are able to contribute to the Bangko Sentral ng Pilipinas’ national goal of onboarding 70 percent of adult Filipinos into the formal financial system and converting at least 50 percent of financial transactions to digital,” Eugene S. Acevedo, RCBC president and CEO, said.

Among the key transactions done through the application include partner deposits, which remain to be the largest contributor to the app’s overall growth, registering 1,137 percent and 308 percent in both transaction value and volume, respectively. Diskartech’s deposit size stands at over P106 million, more than double from last year.

These cash-in and cash-out transactions are being done in over 45,000 touch-points nationwide that include 7-Eleven, Bayad Center, Digipay, Panalo Express, Sendah Direct, rural banks, pawnshops, drugstores, and money service business, among others.

Diskartech partner deposits are also projected to surge in the next quarters as the app further expands its cash-in points across the country through its partnership with Smart Padala, the company said.

Fund transfers via Instapay had a steady increase as of end-march. Outgoing transfers to other banks and ewallets increased by more than 10 times and four times, respectively in value and volume, respectively.

Incoming transfers also increased by 84 percent and 31 percent in both transaction value and volume, respectively.

More Diskartech users also availed of its telemedicine service this quarter with a recorded 1,821-percent increase in transaction count, which also accounted for a 98-percent increase in the service’s transaction value.

Users’ uptake of the app’s telemedicine feature is a strong indication that more Filipinos now see the value of digital-based medical consultation packages as compared to the ones offered in hospitals and clinics, the bank said.

Bills payment transactions done through the app also continued on an uptrend with a 183-percent and 80-percent increase in both value and volume, respectively.

Meanwhile, RCBC’S primary mobile banking app RCBC Digital, registered a 31-percent increase in total throughput volume for its mobile and web channels, generating a value of over P34 billion, a 51percent increase from last year.