Under the helm of its with its newly appointed President Eugene Acevedo, Rizal Commercial Banking Corp. (RCBC) embarks into the futuristic Artificial Intelligence (AI) system to boost its financial services for better customer banking experience.
Acevedo, a veteran banker and technology advocate, comes prepared with his expertise in digital marketing which he will put into the banking practice of RCBC.
“Our objective is to reduce the turnaround time significance. We are trying to reduce paper requirements, cut the number of process that used to be there and do it quickly,” Acevedo said.
Adding artificial intelligence and robotic system to traditional banking practice not only aid time management, it can also save head count of their manpower and switch it with sales people for the branches.
Acevedo explained that one robotic automation system can serve five of their branches. This means saving one person per branch by moving its task to a robotic system. RCBC now has 507 branches nationwide which could only mean they can also have 507 sales people with this AI system.
Two branches have now started their experimentation of the said system. He added that there will be 20 more branches which they are also preparing to use the system soon. Using AI system can help increase the bank’s productivity to at least 50 percent.
With Acevedo steering the RCBC ship, the bank’s potential is seen to improve through digitalization which is also seen to secure the bank’s system thereby preventing cybercrime attacks after the unfortunate event of the stolen $81 million by cyber hackers from Bangladesh in 2016.
RCBC now uses an advanced analytics software called Predator that is used to study the patterns of money being deposited or transferred from unknown sources to avoid money laundering cases.
“You cannot really compete unless you satisfy the minimum requirements of digitalization. Let’s say bank has to meet the infrastructure requirements. But to defend yourself against cybercrime attacks, you need to invest in cyber security measures and hire consultants to make sure that you are protected,” Acevedo said.
RCBC is the first to use Predator in the Philippines.
Armed with a concept called the 3D’s—Design, Data and Digitalization, RCBC is now creating a level of customer experience that allows them to differentiate from the others.
The bank is also doing improvements with their mobile apps and are redesigning their customer experience process.
Data Analytics will play a big role in this process upgrading as it can not only allow the bank to get credit score. It can also help them identify the clients who are likely to use their product.
This system is projected to help RCBC market directly and specifically to its clients. (ajb)