RBC Royal Bank first in Canada to offer account aggregation to thousands of online banking customers
Toronto, Canada – January 17, 2002 —RBC Royal Bank today introduced a new online account aggregation feature, becoming the first financial institution in Canada to make it available to thousands of online banking customers.The new feature, called My View, allows customers to organize and view virtually all their financial assets on one screen within their RBC Royal Bank Online Banking service. This includes their financial dealings with banking and trading accounts within RBC Financial Group, as well as online deposit accounts, credit cards, investments, personal loans and residential mortgages from other financial institutions.
"It's clear from our earlier research that account aggregation is the next step in the evolution of online banking. We have included it as a feature within our secure online banking environment because our customers have told us they want convenient access and control of their finances from a source they can trust," said Tom Wolf, RBC Financial Group, senior vice-president, eBusiness. "Account aggregation allows us to use today's most current technology to offer our customers an even better way to bank online." RBC Royal Bank uses account aggregation technology developed by CashEdge Inc., global specialists in online applications for the financial services industry.
The feature, which is available today within the online banking service, is initially being marketed on a selective basis, beginning with 8,000 active online banking users for market research purposes to determine how to best target the feature to the banks' various customer groups. "We currently service over 1.9 million online banking and trading customers. Those customers primarily enjoy online access because it affords them a greater level of convenience and saves time. The option of account aggregation will now enable them to further simplify their financial lives
by allowing them to obtain a more complete financial picture in one place. We
believe this will help them save even more time when doing their banking online and making decisions about what to do with their savings and investments," said Wolf.
RBC Royal Bank delivers a wide range of financial services through a variety of channels to individuals, small and medium-sized businesses and commercial clients, including deposit accounts, investments and mutual funds, credit and debit cards, business and personal loans, and residential and commercial mortgages. It is the personal and commercial banking division of Royal Bank of Canada (TSE, NYSE: RY). Royal Bank of Canada uses the initials RBC as a prefix for its businesses and operating subsidiaries, which operate under the master brand name of RBC Financial Group. Royal Bank of Canada is Canada's largest financial institution as measured by market capitalization and assets, and is one of North America's leading diversified financial services companies. It provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. The company employs 58,000 people who serve more than 12 million personal, business and public sector customers in North America and in some 30 countries around the world. For more information, please visit www.rbc.com.