2022 Winner – RCBC Bankard Services Corp Credit card finance management tools help clients – Retail Banker International Asia Trailblazer Awards

 

 

A range of credit card financial management tools, including a spend analyzer, installment expense management and fast bill payment options, have been added to RCBC Bankard Services Corporation’s online banking app in the Philippines, allowing customers to better manage their finances remotely during Covid-19 and accelerate the bank’s digital transformation. The project won the Best Credit Card Initiative at the virtual RBI Asia-Pacific (APAC) Awards 2022.

Customer experience (CX) is important and RCBC Bankard Services’ were aware that an easy, secure 24x7 and remote way to manage their credit cards during the Covid-19 pandemic would help customers and their own digitalization drive, so they introduced:

  • Spend Analyzer: previously printed in the bank’s statements this is now visually better and easier for the cardholder to appreciate through the mobile app. The service helps cardholders understand exactly where their money goes each time they use their RCBC Bankard credit card with spending breakdowns.

It transforms their monthly statement from a simple notice of dues into a comprehensive financial management tool that proactively guides users through their principal and supplementary monthly obligations, as well as their year-to-date spending by summarizing their purchases according to categories, such as:

    • Supermarket,
    • Department Store/Apparel,
    • Dining,
    • Motoring,
    • Medical,
    • Utilities & so
  • UNLI 0% & UNLI Installment Payment Options: these facilities allow cardholders to convert their straight purchases from 3 month tenors to up to 36 month There is no limit on the number of times the cardholders can make use of this ability.There is also no minimum or maximum amount that is set for the purchase to be eligible for conversion. Previously, cardholders had to call customer services to have their straight purchases converted into installments, whereas now they can simply tap a transaction and ‘covert’ it.
  • Fast Bills Payment: Cardholders can charge their electric, water, phone, internet, and other bills to their RCBC Bankard credit card and choose to pay ‘On- Demand’ for one-time payments or ‘Auto-Charge’ for recurring bills to prioritize those payments. They no longer have to call customer services to enroll and charge their cards and can also now earn Rewards Points or Airmiles.

By Q4 2021, 32% of cardholders had already enrolled in the app with 98.7% of them undertaking Purchase Conversion transactions through it, proving it is popular. These numbers have risen this year.

RCBC Bankard ended 2021 with 32% growth in Issuing Billings and 1% growth in Receivables, outperforming the marketplace and is intent on introducing further CX focused innovations in the future to support its customers and its growth.