Robinsons Bank’s innovations streak gains global recognition


Robinsons Bank, one of the fastest growing commercial banks in the country, continues to gain global recognition this 2020 for its innovative products and services.

RBank has won the title for the “Best Commercial Bank – Philippines 2020” and the “Fastest Growing Commercial Bank – Philippines 2020” from the International Business Magazine (IBM) and the Global Business Outlook (GBO), respectively.

In 2019, RBank’s revenue grew by 28 percent from its 2018 performance, registering a total of P8.1 billion, driven by a 17-percent expansion in its gross loan portfolio. RBank’s total net income in 2019 rose to P719.4 million, marking a 127-percent increase.

During the first half of 2020, RBank’s profit grew to P 628.32 million, almost four times the P 158.36 million it earned in the same period last year. This is strongly driven by the gains in trading and securities which offset the higher provision for credit losses.

Both IBM and GBO seek to recognize companies that show great potential in “innovation and creativity, and a drive to create value”.

Furthermore, Robinsons Bank’s GO!Salary Loan Online and the Mobile Credit Investigation Application (MoCA) for GO!Motorsiklo Loans both earned the title “Most Innovative Digital Transformation Initiative — Philippines 2020” in the recently concluded The Global Economics Awards 2020. MoCA was also awarded as the “Best Automated Loan Process — Philippines 2020” by the International Business Magazine.

In addition to this, RBank Sign Up, one of RBank’s newest products, was named as the “Most Innovative Retail Bank Product – Philippines 2020” by the International Business Magazine.

In these changing times, digital transformation and innovation is now more timely than ever. RBank continues to focus on these strategies to ensure that it meets the customers’ needs and to be able to provide them with an easy and convenient banking experience.

Creating Innovative Solutions in a Digital World

RBank is one of the few banks in the Philippines that offers loans specifically for motorcycles. Through the GO!Motorsiklo Loan, RBank aims to bridge the gap between financing opportunities for Filipinos in the lower-income bracket. Partnering with accredited motorcycle dealers, the Bank is hopeful that it can provide easy-to-pay financing options to the underserved market.

However, the challenge that comes along with loan applications is the credit investigation. Both clients and the Bank see that the credit investigation process is lengthy. That is why RBank’s GO!Motorsiklo Loan has implemented its Mobile Credit Investigation Application (MoCA) so that it can process loan applications faster.

With the implementation of MoCA, manpower scheduling improved, client information was made secure, credit reports were generated faster, credit checks were completed immediately, and more importantly, customers were better satisfied, further saving thousands of pesos in man hours under previous manual processing.

Improving customer experience through innovation

Robinsons Bank’s GO!Salary Loan online is the quickest and most effective way to get a much needed financial boost. Offered to employees of companies under the salary loan program, the GO!Salary Loan is a multipurpose loan facility that’s collateral-free and paid through salary deduction, allowing financial flexibility for clients.

The GO!Salary Loan online addressed the pain points of corporate clients and its employees. It eliminated the rigorous paperwork, the burden of filling out forms and preparing physical documents for the clients, and even the submission of the loan application.

Additionally, since the innovation makes use of an end-to-end digital process, loan applicants can skip the visit to a physical RBank branch to sign loan documents since it can be completed electronically through ePN. As an added security feature, clients are also provided a One-Time-Password (OTP) so they can access and accept forms and initiate the process of their loan release online.

As every step of the loan application process was embedded into the digitalization of the GO!Salary Loan, RBank achieved a reduction in the approval processing time from 1 to 2 weeks down to 1 to 2 working days after the online endorsement of the HR Group, thus remarkably reinventing the landscape of the GO! Salary Loan product.

Furthermore, the innovation reduced man-hours, and maximized productivity. It also reduced risk factors and increased efficiency in the loan approval process. This also allowed for new business opportunities for RBank, since with this new digital application, even companies with branches in far areas of Luzon, Visayas, and Mindanao, may now be served through this digital innovation.

Reshaping banking for the ‘new normal’

The COVID-19 pandemic has reshaped the banking industry, making digital banking no longer an option but a necessity. With this challenge, RBank sought to push digitalization further, and with urgency, to address these rapidly changing needs of the Filipino people and continue to provide them with their needed financial services during the critical time.

RBank launched the RBank Sign Up, an online application platform that promises an all-digital process of opening an account with Robinson Bank, last April. RBank Sign Up allows anyone to open a Simple Savings Deposit Account, Regular ATM Savings Account, and a Payroll Account.

With RBank Sign Up, clients who wish to open an account with RBank can do so with just a mobile phone, internet connection, and one (1) valid Identification Card. The application enables a real-time ID detection and a facial recognition feature that allows the instant completion of the application process. Clients will be able to receive their account details within a few minutes of opening the account.

Robinsons Bank continues to chart its path towards digitization with the goal of creating products and services that will enhance the customer experience to provide easier and more convenient banking services to clients.


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Gabriel

Introvert, wanderer, blogger, foodie, a hip-hop music writer, and one of the co-founders of a tech start-up company called GigsManila.