FintechNews.Sg | RCBC Embarks on Digital KYC with LenddoEFL to Onboard Millions of Unbanked Filipinos

Originally posted on fintechnews.sg

PHILIPPINES (Fintechnews) October 22, 2019 – Rizal Commercial Banking Corporation (RCBC) has sealed a partnership with LenddoEFL for faster and more convenient financial account opening for Filipinos through an end-to-end digital verification and authentication solution.  To date, Know Your Customer (KYC) processes have always required a face-to-face or real-time online interview to onboard bank customers.

“With digital KYC, consumers, particularly those who are unbanked, can open deposit accounts, apply for loans online, take out new insurance policies, do money transfers, and pay more than 2,000 billers through RCBC’s DiskarTech virtual bank in less than five minutes, anytime, anywhere. This is simply commoditizing customer convenience in an era when consumers prefer to interact through online channels,” said executive vice president and chief innovation and inclusion officer Lito Villanueva.

Government regulator Bangko Sentral ng Pilipinas (BSP) has been at the forefront in championing inclusive digital finance and digitalization through emerging regulations leveraging on technology. “Overcoming the barriers to digital connectivity will not only promote accessibility to digital financial products, but will allow innovators to improve the design, enhance security features, and drive down the cost of financial services,” in a speech delivered by BSP Governor Benjamin Diokno at the recent 2019 Financial Executives (FINEX) conference.

“This is a game-changer as we continue to adopt alternative digital verification to help push for a more secure, faster and reliable verification process to onboard more unbanked and underserved segments into the financial system, supporting BSP's mission of financial inclusion,” said Judith Dumapay, APAC Sales Director Philippines, LenddoEFL.

Based on the 2017 Financial Inclusion Survey, only 23% of Filipino adults have a formal account. Only 48% of adults save, but 7 in 10 savers keep their savings at home. Of the 22% of Filipino adults who avail loans, 4 in 10 do so through informal sources.

South China Morning Post | Technology guides RCBC Bankard’s strategy for new clients

Originally posted on South China Morning.

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More than an alternative payment method for cash, credit cards today function more as a multi-purpose card as many institutions incorporate incentives such as airline miles, dining credits, discounts and more. Understanding how credit cards need to be more relevant and more integrated to the lifestyles of users, RCBC Bankard is dedicated to developing cards that address their requirements.

Specialising in lending and payments facilitation, RCBC Bankard, the credit card arm of Rizal Commercial Banking Corp (RCBC), is among the fastest-growing credit card brands in the Philippines. It steadily built its technological knowledge and capabilities to rapidly bring to market a curated portfolio of products and services.

The Philippine market is generally underserved. We want to issue five million credit cards in the Philippines in 10 years

Simon Calasanz, president and CEO

Available under major card association brands Visa, Mastercard, JCB and UnionPay, RCBC Bankard offers 11 co-brand credit cards, including tie-ups with AirAsia, MANGO and Phoenix Petroleum, among others.

“We regularly assess the transaction behaviour of customers to customise our offers for them. We tailor everything according to analytics,” says president and CEO Simon Calasanz.

As more consumers increasingly lead digital lifestyles, RCBC Bankard will be launching a mobile app by the end of this year. It also plans to increase customer touch points through text messaging and online messaging support.

To further advance its technological expertise, RCBC Bankard is actively partnering with financial technology firms to enhance and optimise its operations. In the past few years, RCBC Bankard has been working with Singapore-based fintech LenddoEFL, a market leader in alternative credit scoring and Filipino identity verification solutions, to speed up its digital transformation. RCBC Bankard and LenddoEFL effectively allow new-to-bank applicants to use their digital footprints to unlock access to financial services with the use of cloud-based solutions fully aligned with Bangko Sentral ng Pilipinas requirements.

RCBC Bankard is bullish about becoming among the top credit card companies. “The Philippine market is generally underserved. We want to issue five million credit cards in the Philippines in 10 years,” Calasanz says.

www.rcbcbankard.com

Press Release | LenddoEFL Launches eKYC Solution to Speed Up Verification in the Philippines

Aligned with Philippine banking regulation, technology-aided verification from LenddoEFL can help more people get faster, more convenient access to financial services.

MANILA, PHILIPPINES (PRWEB) AUGUST 28, 2018

LenddoEFL, whose verification, credit scoring, and consumer insights helps leading banks make data-driven decisions, launched an electronic Know Your Customer (eKYC) product for customers applying for credit card and bank accounts at Philippine financial institutions consistent with Bangko Sentral ng Pilipinas (BSP) regulation.

To date, Know Your Customer (KYC) regulations in the Philippines have always required a face-to-face or real-time online interview to onboard new-to-card or new-to-bank current account/savings account (CASA) customers.

Now, customers will be able to get verified as part of a CASA or credit card account application faster and more conveniently by opting-in to avail of the eKYC solution from their mobile phone. LenddoEFL’s eKYC solution offers a simpler way for banks to onboard new customers. See BSP Circular 950, Subsection X806.2 item D for details on using information and communication technology (ICT) in the conduct of face to face contact.

“This is a game-changer as we continue to adopt alternative digital verification and scoring to help push for a more secure, faster and reliable verification process to onboard more unbanked and underserved segments into the financial system, supporting BSP's mission of financial inclusion,” said Judith Dumapay, APAC Sales Director Philippines, LenddoEFL.

Each bank considering to use technology-aided verification must do so within their risk-based customer acceptance policies and anchored on the results of their risk assessment process. They also remain responsible for watchlist screening.

Read in PRWeb.com