RCBC Credit Cards Group offers enhanced digital cash loan facility for offering personalised service
As financial institutions explore ways to integrate new technologies into their processes, it is essential to prioritise consumers and keep them at the centre of all banking operations.
Banks must introduce credit solutions tailored to individual requirements to build and maintain a positive relationship with clients. Simultaneously, they must understand each customer’s financial status to improve risk assessment and management.
Personalised credit solutions appeal to consumers seeking individualised financial choices, lowering default risks by aligning with borrowers’ repayment capacity. These solutions also help navigate regulatory frameworks and the customer data enables institutions to make well-informed decisions when creating and refining credit offerings.
Enhanced services
The Philippines-based RCBC Credit Cards Group of the Rizal Commercial Banking Corporation (RCBC) offers credit cards with an enhanced digital cash loan facility for personalised services. With a fully digitalised process, the bank enables real-time approval and disbursal of loan proceeds within one day.
Through the digitalisation of the loan application form, cardholders receiving targeted messages can easily apply for a loan via their mobile phone or web browser. The programme sends a unique link to the cardholder’s registered mobile number and email address.
The message includes information on the available limit for cash conversion, affordable monthly amortisation and low interest rates. The allowable loan amount and applicable interest rates specific to the cardholder’s account are also specified to aid decision-making.
Since the process is digital, cardholders are exempt from paperwork and complex approval procedures typically associated with traditional cash loan products.
Faster approvals
The RCBC Credit Cards Group uses a data-driven and model-based approach to identify cardholders qualified for a digital cash loan. The predetermined loanable amount is based on the cardholders’ available limit. Despite this, the digital cash loans maintain customisation, allowing cardholders to select the loan term and amount. The cardholder can opt for a partial or complete disbursement of this loan. Conversely, personalised offers are tailored to the cardholders’ risk profile, payment behaviour and lifestyle.
These solutions have been designed with optimal security without compromising customer information. From January to September 2023, RCBC Credit Cards’ digital cash loans grew by 75% compared to the previous year.
RCBC Credit Cards Group has been highly commended in the Best Credit Card Initiative category at the Annual Retail Banker International Asia Trailblazer Awards 2024.