Banks step up digital shift

MANILA, Philippines — Philippine banks are stepping up their digital transformation to make transactions easier for more Filipinos and in support of the cash-lite environment being pushed by the Bangko Sentral ng Pilipinas (BSP).

RCBC senior executive vice president John Thomas Deveras said the bank continues to develop innovative products and services in line with the BSP’s efforts to bank the unbanked.

“It is only through digital banking that you are able to go down because essentially what financial inclusion means is we want to make the 60 percent of Filipinos who are not part of the banking system become part of the banking system,” he said.

Margarita Lopez, digital banking and operations head at Rizal Commercial Banking Corp., said the bank has partnered with eCurrency Mint’s solution to introduce the country’s first digital currency dubbed as ePiso to make day-to-day commerce and activities more efficient and convenient for both merchants and consumers.

Lopez said RCBC brought ePiso to the residents of Barangay Poblacion in Muntinlupa City for a pilot launch through a digital pamilihan ng bayan.

“This is very historical for us and the country as we are the first in Asia to have secure digitized money in our own currency. We believe in responsible innovation at the heart of our digital initiatives and our ePiso is aligned with BSP’s thrust of financial inclusion in the country. Now, more Filipinos can enjoy a simpler and easier way to save their small changes and bills without fear of losing their money,” she said.

RCBC and Rizal Microbank also brought ePiso closer to the agricultural sector in Bukidnon where farmers and agri-businesses discovered how the ePiso mobile wallet app can help them better manage their loans and easily make transactions with partner suppliers.

Lopez said RCBC also offers Cash Express allowing individuals to do their usual banking activities through partner merchants in the communities, making financial transactions easier, faster, and more convenient.

With Cash Express, any account holder can avail of ATM services by simply using any RCBC or Bancnet debit or prepaid card to inquire about their account balance, withdraw cash, pay bills, or transfer money online without traveling far to visit a bank.

Rizal Microbank also entered into a strategic partnership with PLDT Voyager to reach a wider market to offer its agricultural and small business loans through Lendr, an online loans management website that is easily accessible via desktop or mobile device.

On the other hand, Ayala-led Bank of the Philippine Islands (BPI) said the 166-year old bank is embarking on a long-term digitalization journey to support rapid growth, enable more convenient and efficient banking for clients, and increase financial inclusion.

BPI president and CEO Cezar Consing said the ultimate objective is to elevate the bank’s digital infrastructure, to bring innovative services to existing and future clients, as well as to support the BSP’s initiative to develop a National Retail Payment System (NRPS).

“It’s about shaping and creating a whole new experience for our customers through digitalization, offering them a better, safer, more convenient way to bank with us. A cash-lite economy will bring significant benefits to our country,” Consing said.

The program aims to enhance the bank’s extensive network of ATMs, cash acceptance machines, online facility, and mobile app.

Approximately 36 percent of BPI’s clients access the bank via digital banking channels, particularly the website and mobile app. It aims to double the percentage of clients using its electronic channels in five years.