Philippines-based lender RCBC has been recognised for its efforts to foster financial literacy and inclusion among Filipinos.
In the Philippines and worldwide, the Covid-19 pandemic created significant challenges in terms of client access to formal financial systems. To address this issue, local lender Rizal Commercial Banking Corporation (RCBC) launched the DiskarTech app, the first multilingual mobile platform for financial inclusion in the country. The DiskarTech app offers an array of essential financial services:
Convenient deposits and withdrawals
Remittances
Digital payments
High-yield savings
Teleconsultation services
Life and non-life insurance options
Affordable loans and credit offers.
Additionally, clients can use a smartphone to easily open a primary deposit account using a valid identification card.
Following the launch of this accessible platform for financial inclusion, RCBC partnered with the Department of Education to implement the ‘Lessons on Smart and Resourceful Finance’ programme. Under this, the bank provides reliable content on financial literacy to students, teachers and parents, thus helping to make financial education a cornerstone of the country’s education system.
Social media push
RCBC has also launched supplementary initiatives such as the Pisonomics podcast on the platforms of technology provider Apple and streaming app Spotify. The podcast has been hailed as the Association of Southeast Asian Nations (ASEAN) region’s pioneer podcast on financial education and digital literacy, and it covers a wide range of topics such as payments, investments, savings, insurance and loans.
In addition, RCBC has launched DiskarTech TV, which airs programmes where experts and social media influencers discuss financial literacy and other relevant financial issues to inform and educate clients as well as the public. The bank has also developed incentive-based campaigns and strategies to instill good financial behaviour among Filipinos; for example, clients are rewarded for completing challenges and are offered benefits for using digital services.
To enhance their social media campaign, RCBC has launched drives to engage online entrepreneurs on popular platforms such as Facebook and TikTok, encouraging them to use digital payment platforms for their businesses.
Empowering the marginalised
In the Philippines, lack of access to formal financial systems has severely affected the quality of life for many households as well as their purchasing power; this is particularly evident in the informal working sector.
As a solution, RCBC has designed a strategy to promote financial literacy and inclusion, keeping in mind the daily challenges faced by unbanked, underserved and marginalised Filipinos. The bank continues to invest in transformative experiential learning as well as community-driven and grassroots-led solutions that empower people to change their futures.
It then comes as no surprise that RCBC has won two awards at the 14th Annual Retail Banker International Asia Trailblazer Awards, namely in the Best Retail Bank – Philippines and Best CSR Initiative – Financial Literacy categories. These accolades prove that RCBC’s efforts to foster financial literacy and inclusion among Filipinos are bearing valuable fruit.