With the aim of promoting the bank’s digital solutions to Bacolodnons, Rizal Commercial Banking Corporation (RCBC) recently launched its human-assisted remote banking service at a roadshow event held earlier this month alongside the festivities of the MassKara Festival in Bacolod.
Dubbed “Moneybela: Barangayan Banking in Bacolod City,” RCBC’s financial inclusion and education tour in the Visayas was highlighted by the launch of RCBC’s “Moneybela” electric tricycles, a pioneering effort of the bank that allows for a physical-digital or phygital blended banking experience for the unbanked and underserved Filipinos at the grassroots in geographically isolated and disadvantaged areas.
“Our services do not only solve problems — they help change the lives of many financially-excluded Filipinos in isolated and hard-to-reach areas,” said Lito Villanueva, Executive Vice President and Chief Innovation and Inclusion Officer of RCBC, in a press release. “This feat is an affirmation of our digital excellence anchored on social purpose.”
Through the use of sustainable e-trikes, RCBC will be able to reach rural barangays to bring banking services truly closer to the people. Villanueva adds that the launch of “Moneybela” electric tricycles in Bacolod is part of RCBC’s mission to bring smiles to every Filipino by making banking accessible.
“Many Bacolodnons have chosen RCBC as their long-term partner to achieve their goals. Those in hard-to-reach barangays will now have the opportunity to open and manage their accounts online through MoneyBela,” Villanueva added.
Aside from going around various communities nationwide, the “Moneybela” electric tricycles will also provide financial literacy and agent banking services in public transport terminals, public markets, schools, barangay halls, and health centers to make it accessible to as many Filipinos as possible.
Lauded by both Finance Secretary Benjamin Diokno and Bangko Sentral ng Pilipinas (BSP) chief Felipe Medalla for also aligning with the environment, social, and governance framework or ESG and the United Nations’ sustainable development goals, the bank’s e-trike mobile banking service is also being eyed to make phygital banking available to over 42,000 barangays nationwide.
Bacolod City Mayor Alfredo B. Benitez, who was the guest of honor during the launch, also personally tried “RCBC’s ATM Go,” considered the Philippines’ very first kapitbahay ATM that uses mobile-point-of-sales devices to help facilitate bank transactions such as withdrawals, bills payment, buy load, deposits, fund transfers, and many more.
The remote device allows RCBC customers to transact at the nearest establishment in their community through micro retailers like sari-sari stores, drug stores, cooperatives, and rural banks, among others. It also has the most extensive reach covering all 82 provinces in the country with more than 1,500 terminals.
According to Villanueva, “RCBC ATM Go” is part of its bank-agnostic business-to-business last mile digital financial service through partner micro, small, and medium enterprises meant to cater to geographically isolated and disadvantaged areas.
Approximately 60 percent of its transactions are cash card withdrawals done by 4Ps Pantawid conditional cash transfer household beneficiaries. On average, ATM Go’s monthly transaction is now close to P1 billion or about P12 billion annually
One other pioneering digital banking product launched by RCBC during the event was “RCBC DiskarTech,” the Philippines’ first Taglish and Cebuano financial inclusion app. The app is the forerunner of the Taglish app, with customized versions in other languages initially in Cebuano, and soon in Hiligaynon, as starters to be able to make it more accessible and relatable to more Filipinos.