For many businesses, data analytics has played a critical role in improving efficiencies and spotting new growth opportunities.

Rizal Commercial Banking Corp.’s credit card arm is banking on big data analytics to stay relevant and effective in the current marketplace.

During the recently held TransUnion Philippines’ Big Data Summit, RCBC Bankard president and CEO Arniel Vincent Ong said that with the help of data analysis, the bank identified which segments or areas are primed for growth.

“We identified which segments need more help and which segments are resilient, and execute our risk-based actions,” he said.

Bankard immediately focused on customers who are deeply impacted by the pandemic.

“With the aid of big data, we offered products that will help them navigate the crisis, and keep their credit records healthy, which in turn will drive consumption and help our portfolio as well,” Ong said.

Bankard has seen a significant increase in digital transactions to 80 percent from only 20 percent.

“In some types of transaction like bills payments using credit cards, that is now 95 percent done digitally through the RCBC Online Banking app,” Ong said.

RCBC’s credit card issuances jumped by 44 percent to 82,000 in the first half while card spending increased by 19 percent to P26.4 billion.

The post Yuchengcos unlocking the power of data to spur Bankard growth first appeared on Bilyonaryo Business News.



Yuchengcos unlocking the power of data to spur Bankard growth
Source: Filipino Daily Inquirer