In 2018, the Banko Sentral ng Pilipinas shut down 12 savings and rural banks as the regulatory body continues to rid the industry of weak players. Economic difficulties and stringent government regulations, therefore, prompted existing rural banks to look for alternative ways to survive.
One of the solutions discovered by the Rural Bank of Digos, Inc. (RBDI) to remain competitive is for the bank to undergo digital transformation.
“We have to innovate because if not, we will become irrelevant and [will be left behind by our] competitors in the market,” said RBDI President Giovanni Derequito Gabriento. RBDI had to streamline its daily operations and make its processes easier and more convenient for both employees and customers.
Despite being an “old” institution with over 60 years of existence, the bank did not allow traditional ways of doing things to hold it back from becoming successful. Its dedication to innovate and its ability to rise and surpass the challenges allowed RBDI to be declared as the 3rd Most Outstanding Rural Bank in the Philippines.
“Now that we are in the digital era, we have to accept and embrace technology. Once these two are intact, we become relevant to our clients [and] the territories where we operate,” he said.
Gabriento takes pride in their unique business strategy, where they use technology to offer personalized and customized banking services to each client — whether they are farmers, fishermen, or owners of small to medium enterprises. The bank also treats employees and clients like family, prioritizing face-to-face interaction and making sure to always go the extra mile for their needs.
“It is very important to look into the needs and experience of the customers; after all, Rural Bank of Digos exists because of them. We’re here to provide financial assistance, [and we’re] happy to see them succeed and grow,” he said.
To aid and empower the bank through their business journey, RBDI utilizes business solutions like GCash mobile money service and internet connectivity from Globe myBusiness which allows them to compete with banking giants.
“We want to ensure that the rural banks stay competitive. This means we do our best to empower their workforce to stay connected and productive with the best mobility plans, devices, and solutions that fit their needs,” said Celeste Porto, Marketing Head, Globe myBusiness.
For businesses to flourish, Globe myBusiness continues to push for digital transformation. This allows companies to gain new customers faster and serve new markets quickly for improved profitability.
Globe myBusiness is the trusted digital business partner for Filipino MSMEs. Regardless of size, industry and where they are in their business journey, Globe myBusiness always finds a way to guide and empower these micro, small and medium enterprises towards success.