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Tuesday 11 August, 2020

RBC pushes digital platform, stops cashing cheques for non-clients

As RBC pushes its digital services, the bank will no longer cash cheques for non-clients and stop its FasDeposits™ service. 

Social assistance and government pension payments for non-clients will still be cashed.

RBC made the announcement as it revealed that starting in February, clients who visit RBC stores (formerly branches) will be encouraged to use RBC’s mobile app, other digital solutions and our ATMs for all their basic transactions, including deposits, fund transfers, bill payments, credit card payments and wire transfers. 

“The data and trends tell us our clients are already accessing many services from their phones and personal computer devices.  Today’s announcement says RBC is committed to helping clients make their banking one of them.  The benefit of the app or online tools is that they are available 24/7, wherever you are,” said Rob Johnston, Head RBC Caribbean Banking. “Clients don’t need to visit us at an RBC store – they have RBC in their pocket all the time.”

In a release, RBC said going digital has the added benefit of shorter lines and faster service inside the stores when clients are looking for advice and solutions for their complex financial needs.

"It is a focus on aligning services and support where it provides the greatest value to clients. That is why RBC offers Client Advice Centres for telephone support and why RBC will help clients get to know the freedom of the RBC mobile app, point of sale purchase capability and other digital solutions because, similar to many other industries, mobile and digital is the future of banking.  Our stores remain a critical part of the innovative banking experience we are creating for our clients. As well our mobile specialists can meet our clients at locations and times that are convenient for them to provide home and auto financing solutions," the bank said in a release. 

The bank said when clients process transactions using the app or digital tools, RBC can better safeguard the security of their information and protect their money from criminals and fraud.

“Everyday banking transactions are increasingly the target of criminals who are intent on fraud and money-laundering,” said Darryl White, Managing Director, RBC Royal Bank Trinidad and Tobago. “By shifting these transactions to digital and mobile channels, we can effectively monitor access and activity, which improves our ability to safeguard our clients and their accounts.”

RBC recently announced several enhancements to our digital services including the ability to pay directly to other banks and access to RBC Investment products via the online and mobile platforms. “Many of our clients now also have immediate access to funds from cheques they deposit using our ATMs,” added White.   

“We have been transitioning to a digitally enabled relationship bank for some time and have reached the crossroads of making that concept real for RBC clients. We have taken this bold step now so we can bring to life the real-time, varied ways clients bank with us, to ensure they can see it, touch it and experience it – and we can better meet their expectations and help them achieve their dreams,” he said.

“RBC has a long history in the Caribbean, but it’s not enough to maintain the status quo as the world changes rapidly around us.  RBC wants to lead with innovation and anticipate changes in consumer behaviour and the financial services industry. By doing so, we will ensure our clients enjoy an outstanding banking experience across our network, today and tomorrow.”


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