JUNE - 20238MY OPINIONIN MY OPINIONINBRINGING BANKING TO THE PEOPLEMy vision of a digital-forward, mobile-first, and cash-lite Philippines is a country that champions a financially inclusive ecosystem for all. Safe and easy cash-lite transactions and nationwide accessibility to digital financial services are key to achieving this goal, but there is more to be done than producing top-notch digital innovations. To succeed, we must always ask: "Why?" What is the reason for what we do? When we keep our "why" at the forefront of our advancements, our objective becomes clearer, and our mission becomes stronger. Inclusive digital banking ­ for the people ­ is the path to progress.The recent rise in digital payment adoption across the Asia Pacific region in the last 12 months is astounding, with 69% of APAC consumers increasing their usage of at least one digital payment method, beating 52% of consumers in North America and 48% in Europe. This makes the APAC region among the most active adopters of digital payments globally, with 88% already having used cashless payment modes like digital banking apps, e-wallets, and QR codes. In Southeast Asia, the Philippines is among the highest digital payment adopters of 2022, just after Indonesia and Thailand. However, almost 50% of the Filipino adult population are still unbanked and underserved. Even though seven out of 10 of these unbanked adults own a mobile phone as of August 2022, we still have the lowest banking penetration rate in the region. Because most Filipinos are from far-flung regions, accessing both physical and digital financial services By Lito Villanueva, Executive Vice President and Chief Innovation & Inclusion Officer, Rizal Commercial Banking Corporation (RCBC)Lito Villanueva
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