December 12, 2021 | 00h00
MANILA, Philippines – Almost all clients of Rizal Commercial Banking Corp. (RCBC) now use the bank’s online channels to manage their mutual fund portfolio (UITF).
In September of this year, the publicly traded bank said that 99.06% of RCBC’s UITF transactions were now carried out through online channels – through the online banking website and the mobile banking app.
Last February, RCBC introduced other digital innovations such as the launch of the mobile application for UITFs.
This resulted in a 36.7% increase in the number of UITF online transactions.
At the end of the third quarter, 58.75% of the RCBC UITF customer base was already registered on the bank’s online channels.
Robert Ramos, Group Head of Trust and Investments at RCBC, said the bank’s efforts and investments to make all of its digital channels efficient and secure for all of its customers have finally paid off.
“Filipinos manage their finances better through savings and investments, and RCBC has been very active in promoting digital investment products and services, which can contribute to the financial well-being of Filipinos,” said Ramos .
Ramos pointed out that companies have shifted their focus and spending to pushing digitization to drive more conversions for the products and services on offer.
âTaking advantage of the bank’s digital services also plays an important role in getting customers to invest – imagine investing with just a few clicks on your mobile phone. No need to go to the branch to fill out forms, âsaid Ramos.
RCBC is confident that more and more people will use the app to invest in UITF.
“For those who already have existing UITF portfolios, this will encourage them to actively manage their investments and develop them further,” he said.
UITFs are affordable investment products with initial placements as low as 5,000 P.
The bank recently won first prize for its UITF product, Rizal Equity Fund, in the CFA Society Philippines research for the 2021 Best Managed Funds of the Year-Equity Fund (Peso) category.