2022 Winner – RCBC Hexagon Affluent users invited to join the club – Retail Banker International Asia Trailblazer Awards

 

 

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:

  • Higher add-on rates on short-term time
  • Premium rates for foreign exchange (FX) transactions, and waived transaction fees, among other perks. Loan balances booked from these accounts, on members’ preferential auto or home loan rates, have already reached P5.1 billion (US$97.5 million).
  • Life insurance up to P5m (US$95,500) is also provided wto members, with free or zero premium.

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.

  • Steady growth of the client base is evident: from more than 19,000 clients in 2019, which is year one after the launch of Hexagon Club, to above 36,000 in 2020, and over 57,000 in As new digital tools, rates and offer are continuously offered, and the program evolves more and more clients are being added.
  • Total deposits grew 26.18% year-on-year (YoY) among the top 10 banks in the Philippines, based on Q3 2021 published and audited financial statements in the sector.
  • The club is now contributing 61% of RCBC’s total retail business in the current account savings account (CASA) segment. Affluent customers tend to do more, action transactions, invest and not keep accounts dormant.
  • The Club has so far generated an additional P18.3bn (US$349.7m) in CASA and P31.3bn (US$598.1m) in total deposits.