In
1996, the most popular item by far on Royal Bank's web
site, pictured above, was the mutual funds graphing
tool that gave investors precise and up-to-date tracking
of their mutual fund performance. Clients could also
apply for a pre-approved mortgage and request mortgage
kits online. Car loan services soon followed.
Banking
outside the bank
When it was launched nationally
in December 1996, Royal Bank's PC Banking with Managing
your Money software was the only fully-integrated
financial management software program offered by a financial
institution in Canada.
One of the most significant advances in money exchange
since the introduction of coins and bank notes, Mondex
is based on a computer micro-chip embedded in a plastic
card, which stores the equivalent value of cash. The
Mondex pilot was launched in Guelph, Ontario in 1997.
New alliances
New technologies and delivery channels have led to new
alliances with non-financial service providers. At a
press conference in July 1999, pictured here, it was
announced that the Royal Bank / AOL alliance would enable
AOL Canada to accelerate its growth strategy and would
enhance Royal Bank's ability to offer greater electronic
access and functionality to its clients.
Moneris, jointly owned by Royal
Bank and Bank of Montreal, is the first company in Canada
to offer one-source point-of-sale credit and debit-card
transaction processing to retailers and e-tailers.
Jim Connor, manager, Electronic
Services Technologies for Royal Bank, demonstrates the
bank's groundbreaking wireless banking service for Palm
handhelds, a first in North America.
webdoxs™, a national online document delivery service
operated by e-route inc. - a consortium of leading financial
institutions including RBC Royal Bank - is the only
electronic document presentment (EDP) service that delivers
documents, including bills, directly to clients through
their personal web banking site, and allows customers
to pay, print and store bills online.
Montreal-based Net3f runs a Web
marketplace linking auto parts suppliers and buyers
through online catalogues and secure direct order processing.
Royal Bank's investment in Net3f is the first in a series
of ventures designed to provide B2B services to specific
industries and consumer groups.
With the launch of Fixed Income Online investing service,
NetAction® clients can now order fixed income investments
such as GICs, bonds, and treasury bills just as easily
as equities, mutual funds or options. The service offers
the advantages of portfolio diversification, balanced
investing, secure online trading, and savings on traditional
brokerage fees.
Viewtrak's web-based information
software enables cattle breeders, producers, processors
and distributors to "track individual animals from the
farmyard gate to the consumer's plate."
Described as the next step in the evolution of online
banking, RBC Royal Bank's My View™ account aggregation
feature uses technology developed by CashEdge Inc.,
global specialists in online applications for the financial
services industry.