RBC Goes Beyond Banking to Lure Customers

RBC is innovating by developing consumer apps unrelated to traditional banking, aiming to engage potential clients early. These apps, like Garbage Day, serve as a strategy to build connections before customers need banking services. RBC's approach is unique among Canadian banks, and they are experimenting with various apps targeting different consumer needs. The bank is inspired by fintech companies and aims to leverage its existing client base and technology to develop similar offerings. Early results show promising user engagement.

What is the primary goal of RBC's new consumer apps?

• To replace traditional banking services

• To compete with other banks' mobile apps

• To attract clients before they need banking services

• To directly generate revenue from app usage

Which of the following is an example of an app developed by RBC?

• A budgeting tool

• A garbage collection notification service

• A stock trading platform

• A weather forecasting app

How does RBC's app targeting immigrants help them?

• By providing financial loans

• By offering language translation services

• By giving discounts on travel

• By connecting them with settlement advisors

What makes RBC's approach unique compared to other Canadian banks?

• Providing free financial consultations

• Offering higher interest rates

• Development of consumer-oriented apps

• Focus on traditional banking services

Which fintech companies did RBC draw inspiration from?

• Robinhood and Acorns

• Shopify and Credit Karma

• PayPal and Venmo

• Stripe and Square