One of the important lessons the pandemic taught me was to embrace online banking, which I avoid because deep down inside hackers are right in the middle and I have to protect my savings hard won, no matter how meager. is.
It took me a while to embrace digitization in banking. Online banking for a techie like me is like taking a step-by-step course, not to mention my risk aversion.
But, by force of circumstance and the dynamic development of technology in financial services, I had to embrace it. A portmanteau of financial services, FinTech is the very foundation of the transformation/digitalization of traditional financial services from which we, the general banking public, now benefit.
And I salute Rizal Commercial Banking Corporation (RCBC), one of the largest universal banks in the country and Maybank Philippines, Inc., for their continued efforts in advancing digital banking.
Such hard work has not been ignored. Maybank recently emerged as a winner of the 2022 International Finance Awards. It was recognized as the “Most Innovative Digital Bank in the Philippines” for its financial inclusion initiatives.
Joining a select circle of international banking industry winners, the award is a demonstration of Maybank’s perseverance, dedication and commitment to workplace innovation.
The annual International Finance Awards recognize talent, leadership skills, net worth and industry capability on an international platform. After careful review of entries, winners are declared based on their entry and achievements.
The award is recognition of Maybank’s mission to humanize financial services for its customers and the communities it serves.
Some of the digital innovations successfully launched by Maybank include iSAVE, a fully digital savings account that customers, even new bank customers, can open entirely online from a mobile phone or tablet, without going to an agency.
And here’s the thing: the banking community has learned that Maybank is about to launch a new digital account product which will be made available on a leading digital platform and will provide a more seamless, hassle-free and convenient experience for clients.
RCBC, on the other hand, was the recipient of the coveted “Most Innovative Internet Banking Provider” in the Philippines. London-based financial publication The Global Economics has recognized RCBC for its proactive stance towards digitalisation, which “proved essential” at the height of the pandemic.
Because of this, RCBC has been “able to maintain its services throughout the strict community quarantines” and “introduced creative solutions to new public pain points”.
The recognition was more fitting as Maybank celebrates 25 years in business in the country this month while RCBC celebrates its diamond anniversary.
And as the dynamic wheels of FinTech turn, I look forward to more progressive development and new innovations in digital banking, learning from the just-concluded 7th Singapore FinTech Festival which has brought together the global FinTech community and discussed progress and development in technology relating to financial services development as well as public policy.
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