Skip Header Navigation

About RBC > Media Newsroom > News Releases > Championing Canada’s seniors: As new federal Seniors Code comes into effect, RBC reinforces support for surging use of mobile and digital banking by seniors

Championing Canada’s seniors: As new federal Seniors Code comes into effect, RBC reinforces support for surging use of mobile and digital banking by seniors

    • Electronic money transfers jump 101%, digital payments up 46% for seniors aged 60+
    • Comprehensive refresh of digital onboarding and activation for seniors
    • Power of Attorney and fraud prevention training courses updated

TORONTO, December 22, 2020 - Canada’s seniors are driving significant increases in the use of mobile and digital banking through electronic money transfers, online payments and mobile banking, according to the latest client statistics from RBC.

Seniors aged 70+ have been particularly active in using the RBC Mobile app for their banking since the fall of 2019, with over 65% of newer digital banking users in that age group choosing mobile as their primary channel. At the same time, seniors aged 60+ have driven increases of 101% in electronic money transfers and 46% in digital payments.

While much of the 2020 surge in digital adoption is being driven by the ongoing physical distancing realities of the pandemic, RBC expects seniors will continue to use remote banking options, in addition to in-branch support, after the pandemic ends.

“We’re seeing much stronger confidence among seniors about using mobile and digital services than was evident a year ago, even among those who had initially been reluctant to explore online banking options,” says Rick Lowes, Vice-President, Retirement Strategy.

“One of my favourite client comments was from a senior after one of our advisors walked him through the simple process of paying a bill online,” Lowes adds. “His reaction spoke volumes: 'I've been fighting THIS for 10 years?’ Even better, before his call with our advisor was over he had paid two more bills online.”

RBC checking in on seniors
Through RBC’s Check-In program, advisors continue to proactively reach out to clients, including over one million who are seniors, to ask about their financial needs and assist them with their digital banking requirements. Advisors are also checking how the current pandemic may have impacted retirement plans – all with the goal of supporting seniors’ financial well-being. Video-enabled appointments are also available, with step by step guidance showing seniors their online and mobile banking options. In addition, RBC call centres and branches continue to provide priority service to seniors.

“We want to ensure seniors know how digital options – such as MyAdvisor, mobile banking and online banking – can help them readily and securely access their money, keep on top of their financial needs and be as informed as possible as they make their day-to-day decisions,' Lowes notes. “It’s important for them to understand where they stand in the long term as well and what adjustments they can make, in response to what’s going on around us today.”

RBC and the new federal Seniors Code
Several principles of the Code of Conduct for the Delivery of Banking Services to Seniors (“Seniors Code”) come into effect on January 1, 2021, to guide banks in their delivery of banking products and services to Canada’s seniors.

RBC has acted ahead of this implementation date, revisiting and reinforcing its resources in support of seniors by:  

  • Updating its existing Power of Attorney, fraud and financial abuse prevention training courses for frontline employees and making such courses an annual requirement. 
  • Launching a comprehensive refresh to online resources on its public RBC Resource Centre for Seniors website, as well as a new internal resource site for RBC advisors working with seniors.

“We fully support the intent behind the Seniors Code and have moved quickly to ensure we’re providing everything the code requires – and more,” says Lowes, who leads RBC’s response to the code as Senior’s Champion. “The code underlines the importance of the focus our RBC advisors already have: providing seniors with the financial advice and services they need to enjoy the lifestyle they’ve worked so hard to achieve.”

About the RBC Resource Centre for Seniors
This comprehensive resource site specifically for seniors includes a series of video tutorials, with step-by-step guidance showing how easy and safe it is to access statements, pay bills, deposit cheques and send money – all from the comfort of home, using RBC Online Banking and the RBC Mobile app. This site also includes tips about how to stay protected online and information about the latest cyber scams. For more information, please visit our RBC Resource Centre for Seniors.

About MyAdvisor at RBC 
As of December 2020, over 2.2 million Canadians – including more than 417,000 Canadians aged 60+ – now have a personalized plan for their finances through MyAdvisor, only available at RBC. This free digitized advice service offers RBC clients a hybrid approach, so clients can access the best of both worlds – human and digital. MyAdvisor provides clients with real time, any time digital access on interactive screens to a comprehensive view of their finances, including a personalized plan, cash flow, and goals. Clients can make informed financial decisions with interactive scenario planning that helps them see the potential impact of today's financial decisions on tomorrow's projected outcomes. MyAdvisor makes it more convenient for clients to connect to an RBC Advisor in their community for the advice they need when they need it, via live video, phone or in-branch. Introduced in 2017, MyAdvisor is one of the key ways RBC is delivering advice through digital channels. More information can be found here.

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 86,000+ 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 17 million clients in Canada, the U.S. and 34 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/community-social-impact.

- 30 -

For more information, please contact:
Kathy Bevan, 647-618-2287