When financial technology startups began cropping up a couple of decades ago, these branch-less entities were considered alien to a conservative Canadian community of physical banking clients.
Fast forward to today, and the lines between traditional banking and fintech have almost completely blurred: the “tech” has become increasingly inseparable from the “fin.”
That’s mostly been due to a catching-up of sorts on the side of the incumbents. While the traditional banks remain financially well-off with millions of clients, the digital-first services offered by rising fintechs such as Toronto’s Wealthsimple and a growing army of others are in rising demand by a strong majority of Canadians.
The traditional “Big Banks” of Canada have been responding.
CIBC, for example, has been open about its commitment to AI, as has National Bank—and they are hardly the only ones pushing to leverage the emerging technology.
This week, the biggest one—RBC—unveiled a notable change to its formerly antiquated mortgage renewal system.
Eligible clients can now “seamlessly and securely renew their RBC mortgage from wherever is most convenient for them,” the bank stated, as in from their mobile phone.
Renewing through the RBC Mobile app takes only a “matter of minutes,” according to the bank. Of course, you can still use an Advisor if you wish—but before, that was essentially the only option.
This tech-forward move comes as a reaction to clients “increasingly seeking ways to engage with RBC digitally,” according to Rami Thabet.
Thabet, who serves RBC as senior vice president of digital, has observed a “rapid increase in adoption and engagement in the RBC Mobile app” over the past couple of years.
On average, clients now use the RBC Mobile app “on an almost-daily basis.” Compared to pre-pandemic levels, RBC has seen active mobile users increase by 69% and mobile sessions increase by 139%.
“The RBC Mobile app demonstrates its vital role in providing clients with choice, convenience and secure banking solutions—which is why we’re thrilled to simplify mortgage renewals for clients in our mobile app,” stated Thabet.
In addition to higher convenience, mobile mortgage renewals can also be lower stress, suggests Janet Boyle, who serves as senior vice president of Home Equity Finance for RBC.
“We understand that renewing or applying for a mortgage can feel stressful for clients—which is something we’re actively addressing,” she said. “Today marks the latest stage in our evolution to provide digital and mobile services that enhance security and transparency in the mortgage journey, while offering clients more choice in how they want to manage their mortgage.”
For Canadians who apply for an RBC mortgage, the bank has also introduced a new online platform which helps track and manage applications.
RBC’s tech journey started with the launch of online banking in 1996.
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