Rizal Commercial Banking Corporation (RCBC) Mass Market Super App DiskarTech recently launched its new streamlined onboarding process and increased the number of acceptable credentials for faster account verification.
From an original set of seven acceptable credentials required for creating an app digital savings account through the electronic Know Your Customer (eKYC) process, DiskarTech will now accept a total of 18 credentials. This is intended to facilitate more convenient registration and account verification by its users.
Acceptable identifiers for eKYC now include the following: Passport, Driver’s License, Unified Multipurpose Identifier (UMID), Social Security System Identifier (SSS), Professional Regulatory Commission (PRC) Identifier, Integrated Bar Identifier Philippines (IBP), firearms license, and authorization from the National Bureau of Investigation (NBI).
DiskarTech will also honor the following credentials for a semi-verified account: School ID, Insurance System and Government Services Electronic Card (GSIS), Senior Citizen Card, PhilHealth Card, and credentials issued by a business or government office. .
Soon DiskarTech will also start accepting the following IDs: Postal ID (issued from 2016), PWD ID, Seaman’s Book, and PhilSys National ID.
“DiskarTech’s expansion of acceptable credentials for account integration is a first of its kind for any traditional digital bank or digital banking provider in the country. Our goal is to make access to financial services more transparent and inclusive, ”said Lito Villanueva, Executive Vice President and Director of Innovation and Inclusion at RCBC.
“Digitization and financial inclusion are the foundations of the ‘new economy,’ said Bangko Sentral ng Pilipinas Governor Benjamin Diokno, citing their benefits for more Filipinos.
Besides expanding acceptable credentials, RCBC’s DiskarTech has also streamlined its onboarding process with just a few clicks. Now, potential users can immediately verify their DiskarTech accounts upon registration, skipping the extra step of asking registrants whether or not they want to verify their account. The user can also continue the verification process later if they are unable to complete the required steps or do not have the required ID or information. Users can simply log back into the app to continue verifying their account.
In the new, streamlined onboarding process, the user is created with a Restricted and Semi-Verified DiskarTech Base Deposit Account (BDA) after the initial verification. When creating the DiskarTech account, users are not required to have an initial deposit, no maintenance balance, and no dormancy fees with only one of the 18 acceptable credentials. With a restricted DiskarTech BDA, a user will be able to start using some of the features of the application such as deposits and transfers from other banks (maximum balance of 5,000 Php), purchase of electronic charging and e- pin, bill payment, and the purchase of telemedicine.
In less than 24 hours, the user will still be verified by DiskarTech. Once approved, users who submitted a secondary ID will be able to continue using their restricted account, while users who submitted a primary ID will have a full DiskarTech BDA that can access all of the app’s features, including a balance of up to Php48,000 which will earn 3.25 percent interest per annum. Users with restricted accounts must upgrade to a full account by submitting a primary ID within 12 months.
“We believe this new process will encourage more Filipinos to open their first transactional accounts through DiskarTech,” added Villanueva.
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