AfE 2024
RCBC expanded its digital offering for small and medium-sized enterprises and saw impressive growth in the segment in 2023. The SME loans portfolio grew by 16.6% to P125.3 billion ($2.15 billion) over the year.
The bank launched RCBC Boz in November 2023, which allows SME clients to track transactions digitally, issue e-invoicing and automate payroll tasks. The app had processed P4 million in transaction volume and had 4,287 downloads and 7,570 registrations by the end of 2023.
RCBC is employing artificial intelligence (AI) through the Singapore-based fintech, Bizbaz, to predict borrower behaviour in response to growing concern over non-performing loans. The bank is testing the new AI tool against benchmarks, such as the quality of new accounts it generates, time to market and the speed of processing credit decisions, with the plan for a wider roll out.