RBC recognized by Celent for excellence in Digitally Onboarding Clients and Transforming Business Payments Français
Awards follow 2020 global recognition as Celent Model Bank of the Year
TORONTO, March 10, 2021 /CNW/ - As the banking industry continues to develop an unprecedented acceleration of digital banking and payment solutions, the Royal Bank of Canada (RBC) received multiple awards from Celent for its leadership in digitally onboarding clients and transforming business payments.
The Celent Model Bank Award for Digital Onboarding recognizes the speed at which RBC became the first major bank in Canada to offer remote account open experiences and ID verification (IDV) solutions for both personal and business clients. The offering, which is powered by RBC's IDV technology, features self-serve, advisor assisted and in-branch account open options.
"We're honoured to receive this recognition from Celent as it further validates RBC's digital leadership in North America and globally," said Peter Tilton, SVP Digital, RBC. "Fully digitizing the end-to-end account open experience and getting it into clients' hands was especially critical during the pandemic, particularly as branches were temporarily closed and public health measures were enacted to slow the spread of COVID-19. Regardless of where they are, clients can quickly, conveniently and safely start banking with RBC – in both self-serve and advisor-assisted ways. Also, with IDV's ability to scan government-issued IDs and use that information to populate a client's profile, clients now have more secure identity verification, stronger fraud protection, and a faster account opening experience."
RBC also received the Celent Model Bank Award for Payments Transformation. The award recognizes RBC's holistic approach to transforming payments to encourage adoption and optimize use cases by embedding e-payments in workflows and translating relevant payment data into valuable client insights. A solution that drove this transformation is RBC PayEdge (formerly WayPay). It's the first payments platform offered by a bank in Canada that allows businesses to combine multiple funding sources no matter a client's bank or account type, pay suppliers in the payment form they wish to be paid in, and gain more flexibility with their working capital tools so they can benefit from early pay discounts with suppliers. The award also called out RBC for being first to market with the Interac e-Transfer®: Bulk Request Money functionality.
"Across the country, businesses are looking for modernized banking solutions that help them grow and manage their operations more efficiently," said Greg Grice, Executive Vice-President, Business Financial Services, RBC. "Solutions like PayEdge and Interac e-Transfer Bulk Request Money enable businesses to better manage their cash flow, working capital and readiness for future growth. And with our onboarding and remote account open solutions, entrepreneurs have the flexibility to open an account whenever is most convenient for them."
Celent's annual Model Bank Awards recognize the best practices of technology usage in different areas critical to success in banking based on three core criteria: demonstrable business benefits of live initiatives, the degree of innovation relative to the industry, and the technology or implementation excellence.
"The Model Bank Awards recognize how banks are using technology to change the face of banking," said Bob Meara, Senior Analyst at Celent. "These banks should serve as an inspiration to others looking for strong examples of best practice implementation that will have a truly meaningful impact for their clients, business results and in the industry overall. The entries from RBC clearly demonstrated this."
This year's awards follow RBC winning the 2020 Celent Model Bank of the Year Award for delivering personalized client engagement, creating exceptional customer-focused experiences and building digital literacy among employees. In particular, the award highlighted RBC's world-class digital activation strategy and its efforts to personalize the RBC Mobile app through NOMI Budgets, the RBC Mobile Student Edition and mobile banking enhancements for small business owners. In 2019, RBC received a Celent Model Bank Award for its application programming interface (API) strategy. That year, RBC was recognized for its work launching three API platforms to develop client solutions. In 2018, RBC won Celent Model Bank Awards for NOMI Insights and NOMI Find & Save in the Personal Financial Experience category, and its digital employee activation strategy in the Employee Productivity category. NOMI Insights and NOMI Find & Save are RBC's AI based digital services that provide clients with insights into their finances and helps automate savings, respectively.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 34 other countries. Learn more at rbc.com.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
About Celent
Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally experienced analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned subsidiary of Marsh & McLennan Companies [NYSE: MMC].
SOURCE RBC Royal Bank
Media Contact: Rob Merk, Corporate Communications, [email protected], RBC
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