RBC is providing clients with more choice,
convenience, and security in managing their mortgage
TORONTO, Feb. 13,
2025 /CNW/ - RBC has made the mortgage renewal
process easier and faster for clients through a new streamlined,
self-serve option in the RBC Mobile app1. Now eligible
clients can seamlessly and securely renew their RBC mortgage from
wherever is most convenient for them. The news comes as the Canada
Mortgage and Housing Corporation (CMHC) estimates the total amount
of mortgage loans to be renewed over the course of 2024 and 2025
represents close to 40% of the Canadian economy2 - a
significant number of homeowners.
Clients who choose to renew through the RBC Mobile app will be
able to secure their best RBC rate, choose among available mortgage
terms that suit their situation, and virtually sign documents — all
in a matter of minutes. Clients can also pause the process at any
time to speak with an RBC Advisor if they require additional
information before completing their renewal.
"We understand that renewing or applying for a mortgage can feel
stressful for clients — which is something we're actively
addressing," said Janet Boyle,
senior vice president, Home Equity Finance, RBC. "Today marks the
latest stage in our evolution to provide digital and mobile
services that enhance security and transparency in the mortgage
journey, while offering clients more choice in how they want to
manage their mortgage."
In the past, most renewals were processed by an RBC Advisor.
This new option further simplifies the renewal process while still
allowing clients to benefit from additional advice and guidance
from RBC Advisors when they need it.
Mobile banking has become a daily digital habit for Canadians.
On average, RBC's banking clients use the RBC Mobile app which
ranked No. 1 in customer satisfaction in the J.D. Power 2024 Canada
Banking Mobile App Satisfaction Study on an almost-daily basis.
Compared to pre-pandemic levels, RBC has seen active mobile users
increase by 69% and mobile sessions increase by
139%3.
"Our clients are increasingly seeking ways to engage with RBC
digitally," said Rami Thabet, senior
vice president, Digital, RBC. "The rapid increase in adoption and
engagement in the RBC Mobile app demonstrates its vital role in
providing clients with choice, convenience and secure banking
solutions -which is why we're thrilled to simplify mortgage
renewals for clients in our mobile app."
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1 RBC
Online Banking is provided by Royal Bank of Canada. RBC Mobile is
operated by Royal Bank of Canada, RBC Direct Investing Inc. and RBC
Dominion Securities Inc.
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2
https://www.cmhc-schl.gc.ca/blog/2023/rising-rates-homeowners-greatest-shocks-lie-ahead
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3
https://www.rbc.com/investor-relations/_assets-custom/pdf/irdeck2024q4.pdf
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Providing a simpler, more secure way to apply for a
mortgage
For Canadians who apply for an RBC mortgage, the
bank has also introduced a new online platform which helps track
and manage applications. Now an increasing number of RBC mortgage
applicants can securely upload the sensitive financial documents
required for a mortgage application in one location, track each
stage of their application process, and connect with an RBC
Mortgage Specialist at the click of a button. This helps reduce the
need for lengthy email chains between advisor and client and
reduces the risk of personal information from being intercepted by
fraudsters if a client is using unsecure email.
RBC's digital and mobile platforms have been evolving since the
introduction of RBC Online Banking1 in 1996. By
continuing to provide new channels and capabilities, RBC is
enabling clients to manage their banking in ways that are more
convenient and suitable for them. Learn more
at www.rbcroyalbank.com/personal.
For more information on RBC mortgages, please visit:
https://www.rbcroyalbank.com/mortgages/.
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 98,000+ 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 more
than 18 million clients in Canada,
the U.S. and 27 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/peopleandplanet.
For more information, please contact:
Lauren Della Vedova, Corporate Communications,
RBC, lauren.dellavedova@rbc.com
SOURCE RBC Royal Bank