Rizal Commercial Banking Corporation (RCBC) projects sustained growth in its salary loans business by abbreviating the loan takeout process.
In response to a growing demand for swift and efficient financial services, RCBC has cut the processing of its traditional salary loans product from eight days to next-day funds release, allowing employees of accredited companies to receive their loan proceeds within one day after applying for a loan. RCBC offers traditional salary loans primarily to accredited companies whose payroll services are provided by another bank.
“We remain committed to enhancing customer experience. We understand that speed is a critical factor for employees who are borrowing money, especially in times of need,” RCBC head of credit cards and personal loans Arniel Vincent B. Ong said.
“The bank’s focus on speed and efficiency is part of a bigger strategy to enhance its competitiveness in personal lending. With the updated feature of our Salary Loans facility, we have seen growth in loan availments, with many new companies starting to avail of our program”, Ong added.
One such organization is the Aeon Fantasy Group Philippines Inc., the company that operates Kidzooona in the Philippines, which has recently been accredited.
Tetsuhiro Masaru, CEO and president of Aeon Fantasy Group PH, said “I want to thank RCBC for helping us give this benefit to our employees. We want our employees to have fast access to credit so that we help take care of their well-being and that of their families. RCBC’s next-day funds release is a great solution for our employees in need.”
Earlier this year, RCBC introduced its digital salary loans facility called Salary Loans NOW, which enables pre-qualified RCBC payroll account holders to apply for a loan and receive their proceeds in under five minutes via the RCBC Pulz app.
RCBC understands that recognizing the needs of employees and giving solutions to their financial concerns improves productivity and retention of employees.
