The Philippine banking industry will have to brace for lower revenues, narrower margins and higher credit costs in the next few years coming from this prolonged COVID-19 pandemic, veteran banker Eugene Acevedo said.
Acevedo, president of Rizal Commercial Banking Corp. (RCBC), said the transformation in consumer behavior during the pandemic—as locked-down customers learned to be reliant on their mobile phones for banking transactions—had been phenomenal and exciting. His aspiration is for RCBC to be the “preferred” digital bank.
“But I have to caution that the future remains uncertain,” he said at the Yuchengco Group of Companies conference on Thursday.
For example, Acevedo s…
Keep on reading: Banks prepare for further COVID-19 fallout