RBC has become the first bank in Canada to offer fully
integrated mobile banking apps across all three major smartphone
platforms. Sharad Ojha, head of mobile channel strategy, RBC, tells
Douglas Blakey that, unlike other mobile banking apps, these are
fully configured to conveniently fit the screen of all
smartphones.
Go deeper with GlobalData
Royal Bank of
Canada’s (RBC) launch in early October of an Android banking app
marks out RBC as the first Canadian lender to offer fully
integrated apps across the three most popular smartphone platforms:
iPhone, Android and Blackberry.
According to Sharad Ojha, head of
mobile channel strategy at RBC, the launch has got off to a flying
start.
In the first three weeks following
the launch on 2 October, the Android app has received a 4.4 out of
5 star rating from RBC customers on Android Market.
Canadians are busy – now more than
ever – and the Android app offers them the time-saving convenience
of taking care of their banking needs 24/7, says Ojha.
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By GlobalData“With mobile penetration currently
at 68% worldwide and expected to grow even further, consumers will
look to leverage mobile devices and applications for their banking
needs in ever increasing numbers,” he adds.
The RBC Android app allows clients
to access a full range of services, including:
- viewing account balances,
details and transaction history for all personal and business
accounts; - transfer of funds between
existing Canadian or US Dollar RBC accounts; - bill payment in Canadian or
US dollars; - access of RBC’s Mortgage
Payment and Foreign Exchange Calculators; - sending Interac e-Transfers
to registered payees; and - locating the closest RBC
branch or ATM through a GPS feature.
“Based on our client feedback,
mobile banking is emerging as the banking channel of choice for
people on the go,” says Ojha.
“We are committed to delivering
banking solutions that provide our clients with a hassle-free,
convenient user experience.”
While RBC is not the first bank in
Canada to offer mobile banking across iPhone, Android and
Blackberry – ING Direct Canada and TD already offer such a service
– RBC is the first to combine a fully integrated offering.
“It is in no way a mobile browser,”
says Ojha.
RBC was among the first Canadian
lenders to offer an early form of mobile banking, with the launch
of its RBC mobile website in 2007, enabling online access from
internet-enabled mobile devices.
That service was augmented and
updated with the December 2010 debut of its first fully integrated
apps for the iPhone and BlackBerry platforms.
According to
Ojha, take-up of the mobile channel has exceeded RBC’s best-case
predictions since then, with RBC’s mobile app downloaded over
850,000 times.
Adds Ohja: “Canadians download a
lot of apps, but the majority of those apps are not used a second
or third time. The apps are either deleted or placed on the last
screen of the device.
“To get the share of mind we
believe the RBC Mobile app deserves, we strive to be more engaging
and to deliver high value to our clients.”
Ohja says that over half a million
RBC customers are using the RBC Mobile app with the average
customer checking their account balance over 12 times a month.
“We are delivering a combination of
the right functionalities and an exceptional user experience – our
clients are finding the RBC Mobile app of value.”
RBC says that mobile banking growth
in Canada in the past couple of years means that the channel is
used by 9% of customers who use the internet channel.
Ohja expects mobile banking use to
continue to grow as more and more consumers switch to smartphones
while the overall user experience continues to be enhanced.
RBC has more than 3.2m active
online customers, close to 50% of its retail client base while 75%
of customers are signed up for online banking.
In July, RBC head of Canadian
banking Dave McKay told RBI that there was a great
opportunity to grow that 50% figure further.
He added that RBC’s initial target
for mobile banking had been “smashed”.
Not content with the largest
network of outlets among the Big Five Canadian lenders, RBC kicked
off the year by ramping up branch opening hours, offering the
equivalent of a 10% increase in sales capacity.
RBC’s multi-channel strategy also
features increased investment in its branch channel with the aim,
says McKay, of “reinventing the concept of the branch”, via its
Retail Store outlets.
RBC continues to outpace its principal rivals, in terms of
cross-sell metrics and share of sector retail profits.
