RCBC Bankard recognized for its digital cash lending facility
The Rizal Commercial Banking Corp. (RCBC) has been recognized worldwide for its digital cash lending facility.
RCBC Bankard Services Corporation, the credit card arm of RCBC, was recognized by Digital Banker at the recent Digital CX Awards 2022 as a winner in the Outstanding in Digital CX – Loans category.
2022 Digital Customer Experience Awards is the only award-winning organization in the world solely dedicated to recognizing pioneering innovation in digital customer experience across the entire financial services ecosystem.
The awards recognize the world’s leading financial services organizations that combine the best technologies and innovations with the power of their people to deliver a superior customer experience and reinvent their industry.
This is the second time that RCBC Bankard has received international recognition for the digital cash lending facility. Last year, it was named Outstanding 1:1 Personalized Marketing Initiative for Digital Cash Lending by the 2021 Global Retail Banking Innovation Awards.
RCBC BankardFVP & Marketing Group Head, Ma. Angela C. Mirasol, said the digital cash loan was developed to maximize the opportunity to be able to communicate and deliver more personalized offers to RCBC Bankard cardholders. It also had the added benefit of being a more economical and efficient channel.
“Digital Cash Lending was developed to be a catalyst for cardholders to easily convert their available credit limit into cash to fund their needs and even aspirations,” Mirasol added.
RCBC Bankard launched the digital cash lending facility in 2020 to address issues faced during the pandemic. As of 2021, the facility helped drive an 84% increase in transactions compared to 2020.
The facility automatically sends SMS messages to pre-qualified cardholders, which contained the cash loan offer and the unique application link. Information about the available limit that can be converted to cash, affordable monthly amortization and low interest rate are shown in the message. The cardholder only has to determine how much he wants to profit from it. Cardholders also benefit from unique offers based on their risk profile.