Philippine Lender RCBC Unlocks Access to Hybrid Digital Banking
Rizal Commercial Banking Corp. (RCBC), which is run by the YUCHENGCO family, has started a “physical-digital” banking service. This is the first mobile human-assisted remote banking service in the country.
The new service, called “Moneybela Barangayan Banking,” is part of RCBC’s plan to make the country’s financial system more open to people who don’t have bank accounts and live in remote or poor areas, according to a statement from the lender.
The bank said that it thinks the programme will help 42,000 barangays across the country by giving them access to financial services and helping them learn about money.
RCBC said that agents from Moneybela Banking Experience Support, or “MBES,” will go to places where banks and other financial services are not often available. It was tried out for the first time in Davao City at the beginning of September this year.
Aside from going to different parts of the country to directly help Filipinos who don’t have bank accounts, agents will also offer financial education and banking services in public transportation hubs, public markets, schools, barangay halls, and health centres so that as many people as possible can use them.
The bank also said that the top RCBC “ATM Go” merchant partners in all 81 provinces of the country would serve as MBES agents and go to hard-to-reach areas to bring financial services to more Filipinos.
Human interaction
Angelito M. Villanueva, RCBC’s Executive Vice President and Chief Innovation and Inclusion Officer, said that their new service “gives underserved and unbanked Filipinos access to the same financial services offered by physical banks.” These services include creating a basic deposit account, paying bills, e-loading, cashing in or cashing out, buying micro insurance and telemedicine.
Villanueva said that they are “excited to work with the government to make the future digitally and financially accessible to all.”
The executive said, “These digital experiences have changed banking, but a large part of our society depends on human connection.” “MoneyBela is innovative, easy to use, and useful. It is a service that puts the wheels of the future in the hands of every Filipino in hard-to-reach areas.”
Eugene S. Acevedo, President and CEO of RCBC, said that they want to help make sure that all Filipinos have access to money in the future.
“A keyword in the name of our program—the car’s steering wheel —serves as the main inspiration of RCBC’s innovations. Just like a manibela, we are optimistic to steer Filipinos’ lives toward a direction that is empowering, inclusive and equal for all,” Acevedo said during the launch. “Where do we want to go? Towards a financially-inclusive Philippines and as we take our journey, we need to make sure that no one is left behind.”
BSP partner:
ACEVEDO also said that the latest financial inclusion idea from the lender helps RCBC promote environmental, social, and governance principles within the framework of the United Nations Sustainable Development Goals.
Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla is trying to get people to back Moneybela. He praised RCBC as one of BSP’s active partners in connecting banks to Filipinos.
“I am really so happy that if there’s any bank that embodies the goal of bringing BSP closer to the people, it is RCBC. If we can only change our slogan, bringing BSP closer to the people through the institutions that it regulates,” Medala said during the launch. “[RCBC] deserves all the praise it is getting for putting together old ideas like cash-led banking.”
