The groundbreaking and award-winning “RCBC DiskarTech” financial inclusion mobile app recently took home the prestigious Gold Award for Ecosystem-Led Innovation at the Infosys Finacle Innovation Awards 2023.
Such endorsement has strengthened RCBC DiskarTech’s status as a forerunner in the field of international digital banking.
“RCBC is now more inspired and motivated to continue harnessing the power of technology, such as Finacle Solutions, in realizing the vision of the Philippine government to make the country a truly digital nation,” said Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer of RCBC.
“We remain steadfast in our commitment to deliver relevant, timely, and effective digital financial solutions to a wider group of Filipinos. As we approach a world dominated by tech and AI, and largely moved by the rise of the internet economy, RCBC believes it is more important than ever to maximize the use of technological solutions in creating an equitable, sustainable, and prosperous future,” he added.
For his part, Sanat Rao, Chief Business Officer & Global Head of Infosys Finacle, said, “The banking sector is undergoing unprecedented change, requiring banks to continually respond to market demands with customer-centric innovations in a bid to maintain their competitiveness and relevance.”
“The Infosys Finacle Innovation Awards 2023 celebrates banks that prioritize innovation-led digital transformation. The nominees and winners in the awards program exemplify the relentless pursuit of the participating banks in delivering enhanced value to their customers and stakeholders. I extend my warmest congratulations to RCBC and to all the recognized banks and wish them continued success in 2023 and beyond,” Sanat further stated.
Inspiring better banking
This year’s Infosys Finacle Innovation Awards, which had the theme “Inspiring Better Banking,” attracted an impressive turnout of more than 200 nominations from different banks around the world, which also featured 10 different categories: Ecosystem-led Innovation, Product Innovation, Channel Innovation, Corporate Banking Innovation, Process Innovation, Maximizing Customer Engagement, Transformation Excellence, Modern Technologies-led Innovation, Business Model Innovation, and ESG-led Innovation.
Participants from top banks from across the world underwent a rigorous evaluation process with the goal of identifying the most influential and transformative innovation efforts in the sector.
To choose the winners, an expert jury made up of prominent figures in worldwide banking and technology reviewed the nominees using the Innovation Quotient, Benefit Quotient, and Complexity Quotient. International financial institutions were honored for aggressively developing novel approaches to set themselves apart and keep a competitive edge in the banking sector.
IMAGE CREDIT: dailyguardian.com.ph
In the Ecosystem-Led Innovation award category, for which RCBC was nominated, banks are recognized for their dedication to improving client experiences by utilizing ecosystem relationships to offer a wide range of services outside of traditional banking.
The award recognizes financial institutions that actively work with other members of their ecosystem to provide services that go above and beyond the basic needs of their clients. According to Infosys, banks that regularly innovate, produce greater value, and release new products and services in order to draw in, keep, engage, and serve consumers in a fiercely competitive digital environment deserve praise.
A “phygital” blended banking experience
The outstanding accomplishments and ground-breaking contributions of RCBC DiskarTech have since raised the bar for innovation in the financial industry.
During the 10th London Tech Week held at the Queen Elizabeth II Centre in London, for instance, RCBC DiskarTech, the country’s first multi-lingual financial inclusion super app, and Metro Pacific’s mWell, the Philippines’ healthcare mega app, have announced a pioneering and strategic partnership that aims to empower the Filipinos’ health and financial wellness.
The partnership focuses on promoting consumer awareness and access to health and credit scores that would redound to promoting life balance among users of the two mobile apps. RCBC DiskarTech will extend its expertise in financial literacy and provide flexible loan solutions to mWell customers, tailored to their health and other personal needs.
By leveraging RCBC’s award-winning financial solutions, mWell users could gain valuable knowledge and guidance in managing their finances effectively and purchasing wellness products through financial loan services.
Photo shows RCBC Executive Vice President and Chief Innovation and Inclusion Officer Lito Villanueva (left) while sealing the deal with a handshake with Chaye Cabal-Revilla (right) President and CEO of mWell, for a partnership agreement that aims to help empower the Filipinos’ health and financial wellness.
The RCBC DiskarTech app has also since increased bank onboarding in rural areas by 210%, reaching a total of 13,116 barangays or roughly 31% of the 42,000 total barangays nationwide, and enabling millions of unbanked and underserved Filipinos to open their first basic deposit accounts in the process.
This was done as a key component of RCBC’s MoneyBela Barangayan — the grassroots banking program of RCBC that scales physical-digital or “phygital” blended banking experience in geographical locations.
Through its subsidiary program, RCBC NegosyanTech, RCBC DiskarTech has also worked with micro, small, and medium-sized enterprises (MSMEs).
This program has enabled owners of sari-sari stores, mom-and-pop shops, family-owned businesses, and grassroots enterprises to increase their revenue and capital by facilitating digital transactions such as cash deposits and withdrawals, bank transfers, bill payments, e-loading, and the use of teleconsultation plans and microinsurance.