RIZAL COMMERCIAL Banking Corp. (RCBC) is looking to create an end-to-end platform that will simplify loan processing for small- and medium-sized enterprises (SMEs).
This platform will include features such as online application, loans processing, and account management, where clients can pay loans and avail of products and solutions from the bank, it said in a statement on Monday.
In 2019, RCBC tapped data analytics and cloud-based technology to simplify its loan processing. These initiatives have enabled the bank to offer customized solutions and faster credit disbursement for their business clients.
“One of the biggest challenges for SMEs is access to financing. Being able to lessen the turnaround time will help them significantly,” RCBC First Senior Vice-President and SME Group Head Ma. Angela V. Tinio said.
RCBC said their manual end-to-end process has so far been simplified by 50%. Meanwhile, its auto-credit investigation turnaround time was shortened to four hours due to the integrated system between the bank’s sales cloud and third-party bureaus. With the credit checking process streamlined, turnaround time has been reduced to eight days.
Aside from boosting technology, Ms. Tinio said they have also provided training to their relationship managers to better attend to their duties to their clients remotely.
RCBC President and Chief Executive Officer Eugene S. Acevedo has said the bank is looking to expand its digital presence and veer away from traditional bank transactions as more clients are increasingly preferring doing these online.
The Yuchengco-led bank’s net income declined by 31.55% to P1.58 billion in the first quarter from P2.308 billion a year earlier due to trading losses and lower foreign exchange gains.
RCBC’s shares closed at P21 apiece on Monday, down by P1.20 or 5.41% from its Friday finish. — LWTN