The Royal Bank of Canada (RBC) has launched mobile banking tools to help SMEs manage their business more efficiently.

This comes as 31% of Canadian business owners said that managing administrative tasks was their biggest challenge.

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Lori Darlington, VP, Small Business and Strategic Partnerships, said: “Optimising time and money across every facet of a business operation is critical to the success and profitability of owners.

“We want to help business owners efficiently manage the important, yet time-consuming task of analysing cash flow. As well as getting paid by clients and saving money so they can spend more time with their clients. The insights-driven and digitally-enabled features and offers we introduced as part of our mobile banking enhancements allows them to do just that.”

RBC introduced a number of new features to help businesses maximise efficiency on the go. These included a customisable dashboard summarising cash position and financial insights such as monthly cash flow.

Furthermore, businesses can access payment requests quickly and get reminders on outstanding payment requests.

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Rami Thabet, VP, Digital Product at RBC, said: “These new digital enhancements are just a few of the many powerful solutions we have to put valuable insights and capabilities into the hands of business owners, so they can make smart, data-driven decisions.

“More of our business clients use digital channels to manage their cash flow and run their businesses. So, we are constantly looking for ways to offer them effortless and simple solutions that can positively impact them.”

In addition, small businesses can gain savings and bonus RBC Rewards points through the bank’s  RBC Offers for business programme.

Small business owners may receive RBC Offers from merchants including: Petro Canada, ADP, Telus, WeWork and Fairmont Hotels & Resorts.