Rizal Commercial Banking Corp. (RCBC) has launched an app which offers digital basic deposit accounts to attract working class Filipinos.

The Diskartech app will allow users to create a basic deposit account which will not require an initial deposit amount and a maintaining balance, said RCBC Executive Vice President and Chief Innovation and Inclusion Officer Angelito “Lito” M. Villanueva.

He said the app is RCBC’s first initiative with a cloud-based core-banking functionality and will soon be integrated into a rural bank they want to establish.

“Once we have that approval from the BSP [to establish a rural bank], then Diskartech will now be part of rural banks with digital banking operations or business model. And we’re looking at hopefully, that one will take place within the year,” he said during the app’s virtual launch on Wednesday.

Mr. Villanueva said the app will introduce financial products depending on clients’ established credit profile.

“It creates a credit profile…now that helps a person to build his credit history and be able to access affordable financial services like loans which we will introduce to Diskartech soon,” Mr. Villanueva said.

Diskartech also features cardless ATM withdrawals, deposits and cash out from agent partners, as well as fund transfers.

Users can also do bill payments, access telemedicine, make purchases of airtime load and gaming pins and do quick response (QR) code transfers, among others. The app will also let customers avail microinsurance in the future, the official said.

Mr. Villanueva said they hope to attract Filipinos in the C-2 market that are either underbanked or unbanked through their on-boarding process that does not require a visit to a branch, noting the app offers an annual savings interest rate of 3.25% for their basic deposit account.

He said this differentiates the app from e-wallets which do not allow clients to earn interest.

“At the same time, it is insured with the Philippine Deposit Insurance Corporation,” he added.

Mr. Villanueva said they are hopeful the app’s Tagalog-English interface will ease transactions.

RCBC’s net earnings surged 77% year on year to P2.3 billion in the first quarter.

The Yuchengo-led lender’s shares closed unchanged at P16.96 apiece on Wednesday.

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