GCash, the Philippines’ top finance app and largest cashless ecosystem, recently received the recognition of Company of the Year Award for the Philippines’ Financial Technology Industry from leading global analysis and growth strategy consulting firm Frost & Sullivan.
The award recognizes GCash’s pioneering use of digital solutions and innovative financial services and its strong overall achievements in the financial technology space—highlighting its “deployment of best practices and strategic analytics across a value chain.”
The practices and strategies identified by Frost & Sullivan highlighted GCash’s promotion of financial inclusion through a streamlined banking application process, which entails a digital onboarding system that simply requires consumers to provide personal information such as their mobile number, address, and email address (as opposed to conventional banks’ process requiring documents such as proof of billing or income statements)
The citation also included the company’s investment in next-generation technology to deliver improved customer service experience, through its electronic know-your-customer (eKYC) service that makes use of artificial intelligence and machine learning for face matching and fake identification detection; and GCash’s Credit service, which has a streamlined application process with minimal requirements, lets consumers get a credit line of up to P50,000 instantly, and make credit payments at over 100,000 stores and billers.
To date, over 94 million Filipinos have used GCash, making it the leader in the Philippines’ fintech industry. Across the country, digital transactions today account for close to half of total retail payments—whereas 10 years ago, that number was only at 1%.
Frost & Sullivan analysts independently evaluate candidates for the Company of the Year Award based on two main criteria: Visionary Innovation and Performance (Addressing Unmet Needs; Visionary Scenarios Through Megatrends; Leadership Focus; Best Practices Implementation; Financial Performance), and Customer Impact (Price/Performance Value; Customer Purchase Experience; Customer Ownership Experience; Customer Service Experience; Brand Equity).
“The country’s fintech industry has seen tremendous growth in over a decade. Amid the uptake of digital payments, we have been cognizant of the reality that the underbanked population remains high,” said Martha Sazon, President and CEO of GCash. “This recognition, to us, is a validation of our work in continually identifying growth opportunities, innovating solutions, and meeting ever-evolving customer needs. It motivates us even more as we continue working towards our vision of Finance for All and our purpose of Making Filipinos’ Everyday Lives Better.”
