RCBC launches pioneer physical-digital banking service
The Department of Finance (DOF) commended the development of the country’s first mobile human-assisted remote banking service that aims to provide banking services to far-flung communities.
“This pioneering innovation complements the Philippine government’s thrust for digital transformation and aligns it with our Sustainable Development Goals, with financial inclusion being a key enabler in achieving equality and empowerment, supporting innovation, and promoting economic growth through savings mobilization for investment and consumption,” Finance Secretary Benjamin Diokno said during the RCBC Moneybela Barangayan Banking launch last October 3.
The RCBC Moneybela Barangayan Banking is a physical-digital blended banking service that will make basic deposit account creation, bills payment, e-load, cash in or cash out, microinsurance and telemedicine purchase accessible to previously unreached communities through sustainable e-tricycles.
Diokno said the innovation brings the government closer to its goal of financial inclusion by bringing quality financial services to many unbanked and underserved sectors.
As former central bank governor, Diokno sought to digitalize at least half of all retail payments and onboard 70 percent of Filipino adults to the formal financial system by 2023, the DOF said in a statement yesterday.
Diokno also underscored the need for human-centric and empathy-driven design in the development of banking products and services.
“Through digitalization, financial inclusion initiatives can empower individuals, enterprises and communities to unlock their fullest potential, simply by tapping into a wider range of welfare-enhancing financial services,” Diokno said. – Angela Celis