RCBC head preaches innovation, smart risk-taking

MANILA, Philippines - Speaking at the Sun Life Financial’s 2015 Asia Management Meeting, Rizal Commercial Banking Corp. (RCBC) president and chief executive officer Lorenzo V. Tan emphasized the importance of implementing innovation and smart risk-taking through visionary leadership in today’s corporate landscape.

“We’re in the business of managing risks and providing opportunities. We now live in a much different and bigger world; one that is increasingly becoming borderless and interconnected. In financial services, we should have a good sense of our business environment in order to know the gaps in the industry, and fill these gaps with the appropriate solutions,” Tan said.

He explained further that the competition is becoming fiercer in today’s business, with the impact of brands introducing game changing, out of the box innovations.

“Before, the industries to which some of these ‘game changers’ belong seem to be impenetrable. But with the bold and inclusive efforts of its founders, these companies were able to offer something that wasn’t there before – ultimately revolutionizing how business is done in their respective industries,” the chief executive added.

Tan is also the president of the Bankers Association of the Philippines (BAP).

This dynamism of the present market is also heavily influenced by millennials in the workforce.

“I value the millennials in my company as employees, but more so as consumers. It’s challenging to keep this generation interested and satisfied. This is a generation that wishes to pursue many things, and truly desires to make a difference. That’s why we at RCBC are continuously developing programs that are financially inclusive and diverse to cater to the market’s different needs,” he added.

With the Philippines’ growing economy, Tan projects more investments and partnerships between foreign and local companies.

Further, he advocates the cultivation of an entrepreneurial mindset, particularly among the young generation.