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

Originally posted on South China Morning.

Country Business Reports interviews and articles by Discovery Reports www.discoveryreports.com

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