Onto the Global Stage: The 1960s and the End of Parochialism
New Products
The Bank Act revision of 1967 freed the mortgage market, abolished the six percent ceiling on loans and lowered cash reserve requirements. Praised by bankers, the revision released a flood of new banking products. Fueled by population growth and rising consumerism, this new wave of products, which included Chargex, mutual funds, a wide range of consumer loans and electronic banking products found immediate acceptance with customers impatient to bank in new ways. Advertising became product-oriented to support branches handling an increasing variety of products. Royal Bank became the first Canadian bank to advertise on radio in the spring of 1967, followed by television advertisements in the fall. In that year Royal Bank also created a marketing department, adopting a more proactive approach to the changing marketplace.
The helpful bank
A new slogan "The helpful bank" appeared on advertising developed to help Royal Bank clients choose the right products for their needs from an array of new products
