It’s hard to imagine anything ruffling the world of mobile payments more than Apple Pay did a few weeks ago. However, banks all around the world are attempting to keep up with tech companies as consumers move collectively into a digital vortex.
Most recently, the Retail Banking Conference and Awards, held this year in London, awarded two Canadian banks for their innovative efforts. The Royal Bank of Canada was awarded twice, for the Best Use of Data Analytics and Best Payment Innovation.
Scotia bank International, a Halifax-based international bank, was honoured once with the Best Digital Strategy award.
RBC was one of multiple major Canadian banks to add support for Apple Pay a few weeks ago. Furthermore, the largest Canadian bank launched its Host Card Emulation technology in 2015, the first fully cloud-based payment solution offered by a North American Bank.
The program was launched on the RBC secure cloud and boasts its ability to turn any smartphone or smartwatch into a payment device.
In addition, RBC announced support for Apple Pay when the program expanded its operations in Canada two weeks ago, which it claims further solidifies its commitment to innovative banking technology.
“RBC’s focused investment in emerging payment infrastructure has allowed it to become an industry leader and set the standard for secure mobile payment solutions,” said Douglas Blakey, a group editor for several Consumer Finance Titles in a statement sent to MobileSyrup.
In addition, the Royal Bank was also given the Best Use of Data Analytics award. Blakey went on to say that RBC’s use of data analytics allows it to “intuitively meet the needs of its clients.”
While Canadian banks have largely stuck to more traditional banking methods, the last few years have seen them embrace some more innovative techniques. While the acceptance of Apple Pay brought RBC full circle as a digital-savvy company, the father of Canadian banking had previously expressed an interest in moving in that direction.
In October 2015, the Royal Bank came out with several key announcements that have contributed to the company’s digital growth. In February, RBC’s Jeremy Bernstein told MobileSyrup that RBC would integrate a loyalty program with the company’s mobile payments app.
Bernstein even alluded to eventually allowing customers to use RBC Mobile as a type of currency exchange for loyalty points, which may lead to the development of RBC’s own digital currency, in addition to several other mobile initiatives.
The bottom line is, in a conference that encompassed financial institutions around the world, Canadian banks ranked repeatedly for digital and mobile innovation. Out of fifteen categories, Canadian institution went on to win awards in three earn a finalist’s spot in six.
It’s not a clean sweep, but it’s respectable, and demonstrates the budding significance of fintech in Canada’s financial sector. Is it a clean sweep? Not yet, but it’s respectable.
Related reading: How RBC plans to re-envision the mobile wallet
[source]RBC[/source]
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