The unwavering commitment of the Rizal Commercial Banking Corp. (RCBC) to support small and medium enterprises (SMEs) in the Philippines was recognized by the Asian Banker, the leading platform that provides strategic intelligence in the global banking and financial services industry.
It was recently announced that the Yuchengco-led bank won the Best SME Bank category during the prestigious Asian Banker Philippines Awards 2022.
The Asian Banker cited RCBC’s support for more SMEs in the past year, increasing its market share for outstanding SME balances.
The award-giving body further highlighted how RCBC’s SME loan assets “saw a double-digit growth, primarily attributable to smart acquisition of new accounts via focused target leads and increased footprint in the regions, with incremental count and volume even exceeding the pre-pandemic levels”.
It also recognized the efforts to expand its footprint by bringing a full suite of solutions to SME customers.
The Asian Banker conducts its evaluation on an audit basis for all financial institutions under consideration. It has a standard set of questions that covers all aspects of the industry in which the business operates, the institutions financial product achievements, the operational areas, and specific factors under consideration.
The SME Banking Group of RCBC has remained resilient despite the unprecedented challenges amidst the backdrop of the pandemic. It had embraced a customer-centric culture moving towards customer obsession to further propel the bank towards digital transformation.
In 2021, the group commenced its internal business reengineering involving people, process and technology enhancements.
This paved the way for a significant reduction in manual processes by 50 percent and an improvement in turnaround time by 95 percent. Tapping data analytics and cloud-based technology, the group has made loan disbursements a faster and smoother experience for SME clients.As a result, RCBC saw a 19 percent increase in SME banking portfolio.