RCBC, LenddoEFL partner for digital KYC to onboard unbanked Filipinos

Friday 8 November 2019 11:41 CET | News

Rizal Commercial Banking Corporation (RCBC) has partnered with LenddoEFL for convenient financial account opening for Filipinos.

As part of the agreement, this initiative will be done through an end-to-end digital verification and authentication solution. KYC processes have required a face-to-face or real-time online interview to onboard bank customers. However, with digital KYC, consumers – especially those who are unbanked – can open deposit accounts, apply for loans online, take out new insurance policies, do money transfers, and pay more than 2,000 billers through RCBC’s DiskarTech virtual bank in less than five minutes.

Moreover, according to the 2017 Financial Inclusion Survey, only 23% of Filipino adults have a formal account, while just 48% of adults save, but 7 in 10 savers keep their savings at home. Of the 22% of Filipino adults who avail loans, 4 in 10 do so through informal sources.

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Keywords: RCBC, Digital KYC, onboarding, unbanked, the Philippines, partnership, loans, accounts, money transfers
Countries: Philippines