Rizal Commercial Banking Corporation launched the RCBC Hexagon Club for the mass affluent, with the intention of giving them personalized interactions, such as exclusive economic webinars online and first opportunities on corporate or investment bonds; simplified banking with a digital first approach; and 24x7 digital access and enrollment via the Bank-From-Home (BFH) facility.

When the Covid-19 pandemic hit after the Hexagon Club launch, RCBC recognized that some clients needed to urgently invest to generate returns, while retaining the ability to retrieve funds fast. They therefore introduced new options such as a higher add-on rate on short-term time deposits; discounted rates for an auto or a home loan facility to access capital; flexible investment options; and premium discounted rates for foreign exchange (FX) transactions to help family or businesses move money across borders as required. The bank also waived transaction fees, among many other measures.

Additionally, RCBC increased the maximum life insurance option to PHP 5million Philippine Pesos (US$99,486) from PHP 3million (US$59,691), which comes free or with a zero premium contribution for members. Differentiated rewards at a more granular level were also introduced based on Hexagon Club members’ varying deposit levels. This actually caused funds lodged with the bank to rise.

Digital on-boarding capabilities to existing RCBC internet and mobile banking platforms is a given for members and the Hexagon Club also uses data anlytics to ensure hyper-customized rewards and perks.

The success metrics for the Hexagon Club include:

  • Increasing its deposit level by PHP40.7 billion Philippine Pesos (US$ 801 million) in 2020.
  • Growing its total deposit base to PHP165 billion (US$ 3.25 billion), or 48% of the total retail business deposit.
  • Generating PHP113 billion (US$ 2.2 billion) in total current account/savings account (CASA) figures, representing 35% of the Bank's total retail business in the CASA segment.
  • Contributing 42% of deposits generated from new retail customers (as of January 2021).
  • Contributing PHP8 billion (US$ 157.4 million) to the consumer loans portfolio (as of April 2021) & adding 19,000 to RCBC's credit cardholder base. Hexagon Club members take up an average of three bank products v a 1:1 ratio for non-members.

There were 44,800 Hexagon Club members by year end 2020, considerably breaching the third year operational target. This would have been extremely difficult during the Covid crisis without the bank’s timely prior investment in digital capabilities.


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