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 motivation behind Royal Bank creating consumer apps that do not appear to be related to banking?

Describe the 'Garbage Day' app and its intended purpose.

How does Royal Bank plan to connect with consumers before they need banking services?

What are some of the other apps being developed by Royal Bank, and what target audiences do they aim to serve?

What has been the response from other Canadian banks regarding Royal Bank's unique approach to consumer-oriented apps?