RCBC’s financial inclusion app DiskarTech books more online activities in January

RIZAL Commercial Banking Corp.’s (RCBC) financial inclusion app saw an uptick in number of deposits and activities in January with the continued adoption of the digital tool amid the pandemic-induced lockdown protocols.

In a statement on Tuesday, the Yuchengco-led bank reported that its DiskarTech app users more than doubled their daily deposits in the first month of 2021 compared to the average level in the past year. RCBC attributed the increase to a national savings campaign it launched earlier.

Savings volume in January grew by 42 percent from the previous month while deposits per user climbed by 38 percent compared to the 2020 average, the bank added.

“We hope that with this awareness campaign, more Filipinos will see the real value of savings especially during crises like this pandemic,” RCBC President and CEO Eugene S. Acevedo said.

Shares in RCBC ended flat at P17.50 each amid the 0.68-percent rise for the benchmark index on Tuesday.

Meanwhile, volume transaction in the DiskarTech app soared by 274 percent from last year’s average usage.

“These numbers are very promising showcasing Filipinos’ resiliency amidst this challenging time,” RCBC Chief Innovation and Inclusion Officer Angelito M. Villanueva said. “We hope to be a partner of every Filipino in our collective quest towards economic recovery.”

Launched in July last year, the app offers a digital savings account that has no required initial deposit nor maintaining balance. It also allows cardless automated teller machine (ATM) withdrawals, deposits and cash out from partner agents, fund transfers, bill payments and quick-response code transfers, among others.

The financial inclusion app has been downloaded over 3.5 million times as of end-December 2020.

The Yuchengco-led bank saw its net income drop by 7 percent to P5.018 billion last year from P5.388 billion in 2019 as impairment losses grew by 26.1 percent to P9.33 billion.

As of end-December 2020, total assets and capitalization stood at P770.8 billion and P101.5 billion, respectively. Capital adequacy ratio and common equity tier 1 are currently at 16.1 percent and 12.6 percent, respectively.

This year, RCBC is aiming to launch a benchmark-sized foreign currency denominated senior note offering.

The listed bank made its debut in the offshore bond market with a $300-million Reg S issuance in August last year. The proceeds of the offering were allocated to finance asset growth and other general corporate matters and to maintain enough reserves above the minimum requirements by the Bangko Sentral ng Pilipinas.

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