RCBC bares expense analyzer for Gen Zs

Rizal Commercial Banking Corp. (RCBC) has introduced money management tools in its mobile app RCBC Pulz amid the growing use of credit cards by the young generation for daily expenses.

RCBC said more Gen Z members have been using credit cards to buy grocery items, apart from dining out and travel, which could increase risks of exceeding their credit limits or delaying credit payments.

To prevent these problems, RCBC has built into the app a spend analyzer that automatically tracks clients' credit card expenses for each purchase category.

With the analyzer, clients can better manage their budget and maximize benefits from RCBC's Unli Zero and Unli Installment.

RCBC credit card allows clients to convert single-receipt purchases, including those made online or overseas, into installments.

Unli-zero offers 0 percent installment for three months under short-term payments. For the longer term, RCBC offers a minimal interest rate via UNLI Installment and a payment period of up to 36 months.

“Delinquencies within this Gen Z demographic are often due to insufficient cash flows to cover credit card balances. To mitigate this, RCBC continuously refines its credit limit assignments, ensuring that the limits are reasonable and encouraging responsible credit use,” RCBC president for credit cards Arniel Ong said.

Tracking deals in real time

RCBC Pulz allows cardholders to view transactions in real time, and save financial transactions and favorite stores for faster payments in the future.

Following the launch of RCBC Pulz on Google Play Store and Apple App Store in August 2023, RCBC grew consumer loans by 29 percent on strong demand for credit cards and home loans toward the end of last year.

The bank reported balances for credit cards surged by 48 percent while their billings rose by 45 percent.

As a result, RCBC increased net income to P12.22 billion from P12.1 billion as it enhanced overall customer experience through the help of digital tools.

“Our battle cry is to go for more. We have lined up exciting innovations for our customers,” RCBC chief innovation and inclusion officer Lito Villanueva had said in an interview in January.