|Rizal Commercial Banking Corporation (RCBC) won the Excellence in Mass Affluent Banking accolade at the virtual Retail Banker International (RBI) Asia-Pacific (APAC) Trailblazer Awards 2022 for their Hexagon Club in the Philippines that offers premium banking services, higher rates and perks to affluent individuals and business owners with P100,000 (US$1,911) Philippine Pesos in an existing account. New joiners are welcome too, gaining access to discounted rates for home or auto loans, digital on-boarding and services, among much else.
Hexagon Club members get invites to exclusive webinars on economic and market outlooks, investment offerings like corporate or treasury bonds and stock trading connectivity – not to mention a business relationship manager (RM) who can be contacted directly for advice.
For those that choose, users can be digitally on-boarded via the Bank From Home (BFH) facility, which helped a lot during the recent Covid-19 outbreak when in-branch physical contact was limited or non-existent, although this remains an option for users in an omnichannel approach that is presently targeting reach.
Other benefits in an escalating scale of rewards, dependent on how high deposit levels reach, include:
The simplified banking, 24x7 digital access and personalized data-driven insights provided to Hexagon Club affluent members is also a draw. System enhancements leading to improved customer experience (CX) and more digital tools will lead members on to the bank’s internet or mobile banking platforms if users are not already on them, although again this is an omnichannel approach at present.
However, online banking has been taken up by 49% of Hexagon Club members v 28% for non-members, proving the validity of RCBC’s strategy of enticing people to try non-branch services. Digitalization will help to feed RCBC’s increasing use of predictive analytics to come up with ever more hyper-customized rewards and perks. Data science skills and employees are actively being added by the bank, as elsewhere in the industry to drive personalization.