RCBC’s ATM Go posts growth in 2023

Rizal Commercial Banking Corporation's (RCBC's) flagship mobile ATM solution, RCBC ATM Go, has not only achieved an all-time high and record-breaking performance with a 76 percent year-on-year growth in 2023 but has also emerged as a vital player in advancing financial inclusion.

Over 13 percent of the P41 billion cash grants released to 4Ps beneficiaries with ATM cards from January to September 2023 were disbursed from RCBC ATM Go network nationwide. It also services payroll withdrawals of military, police, teachers and other government employees during pay periods.

RCBC ATM Go, the country’s first bank-agnostic, last mile, and community ATM also achieved an exponential surge of 112 percent in transaction volume, 104 percent rise in transaction value, and a massive 731 percent expansion in the deployment of new terminals compared to its 2022 performance.

The ATM Go Network currently has 6,000 terminals with 100 percent coverage rate across all 82 Philippine provinces. It services underserved and unbanked areas in geographically isolated and disadvantaged areas (GIDA) such as Lake Sebu in South Cotabato, Turtle Island in Tawi-Tawi, and Cullon, Coron, and Busuanga in Palawan. RCBC focuses on GIDAs as these are often overlooked by privately-owned universal banks. It is the only private bank that covers all provinces of the Bangsamoro Autonomous Region in Muslim Mindanao.

RCBC President and CEO Eugene S. Acevedo said that “the astronomical feat that RCBC ATM Go achieved is because of the relevance and effectiveness of the bank’s approach to financially excluded Filipinos.”

Acevedo added that RCBC will continue to support the government’s initiatives to improve the lives of the Filipinos and improve financial inclusion.

“RCBC proves that digitization of traditional banking products and services is a valuable step towards making the bank more relevant to every Filipino’s dreams and aspirations. With digital products and solutions in underserved, rural, and remote communities, we see more and more Filipinos having access to life-enabling and empowering solutions,” said Lito Villanueva, RCBC executive vice president and chief innovations and inclusion officer.

“The success of RCBC ATM go is driven by our efforts to continuously engage and understand Filipinos better. We also strongly support the Philippine government’s welfare programs and benefits, which are keys to unlocking a future that is not only progressive and prosperous but truly digital and accessible to all,” added Villanueva.

RCBC ATM Go was recently awarded Best Financial Inclusion Initiative by The Asian Banker Excellence in Retail Financial Services and Technology Innovation Philippines Awards 2023 and Best Electronic Channel Program by the Bank Marketing Association of the Philippines.

In addition to its focus on digital products and services, RCBC is also investing heavily on digital and financial literacy. Through its partnerships with the DSWD nationwide, RCBC has launched financial literacy webinars and modules that equip Filipinos with digital and financial aptitude to use financial products and digital services such as RCBC ATM Go and RCBC Diskartech for their benefit.

This 2024, the fifth largest bank in the country is committed to sustain its advocacy of helping Filipinos by making loans and credit more accessible through its RCBC ATM Go network. Currently, Filipinos face high barriers to entry into loan service systems and programs.

With the current development and enhancement of RCBC ATM Go and other digital solutions, RCBC is confident that underserved, rural, and remote communities and micro, small and medium-sized enterprises (MSMEs) will soon have equal access to financial services comparable to those in major urban areas.

RCBC emerged as the fastest-growing bank in the country, leapfrogging from eighth position in 2018 to fifth in 2022 in the list of the Philippines’ largest privately owned banks in terms of assets. Among its global and local recognitions include a four-peat award as the Philippines’ Best Bank for Digital by Asiamoney, the Eye on Innovation Award by Gartner, YouTube Challenger Award for its viral and out-of-the-box digital ad campaigns generating combined views of over 17 million, Grand Champion for Digital Payments and Financial Inclusion by the Bankers Institute of the Philippines, and Number 1 in the Philippine Best Customer Service 2023 survey by the global research firm Statista.