Time is a scarce commodity, especially for nearly a third (31 per cent) of Canadian business owners who say that managing administrative tasks is their biggest challenge, according to a recent RBC Small Business Poll.
To help save time and address this pain point, RBC introduced a suite of powerful mobile banking enhancements that will help business owners gain valuable financial insights and seamlessly manage their business anywhere, anytime.
"Optimizing time and money across every facet of a business operation is critical to the success and profitability of owners," said Lori Darlington, Vice-President, Small Business & Strategic Partnerships. "We want to help business owners efficiently manage the important, yet time-consuming task of analyzing cash flow, getting paid by clients and saving money so they can spend more time with their clients and focus on growing their business. The insights-driven and digitally-enabled features and offers we introduced as part of our mobile banking enhancements allows them to do just that."
RBC introduced the following first-in-market features and experiences for business owners:
Financial Snapshot, a new easy-to-access dashboard that summarizes the business owner's current cash position in a simple view upon logging into the RBC Mobile app. This customizable dashboard allows for a real-time assessment of potential business expenses and investments to their overall cash flow and business plan;
Easier way to get paid with quick access to Interac e-Transfer® payment requests directly from the RBC Mobile app dashboard and get reminders on the top outstanding payment requests to simplify the customer follow-up process; and
NOMI™ Insights generates valuable financial insights by analyzing an owner's business spending and savings activity. Insights include monthly cash flow and purchase analyses across several spending categories which are tailored to businesses, helping clients to make informed financial decisions backed by relevant data.
"These new digital enhancements are just a few of the many powerful solutions we have to put valuable insights and capabilities into the hands of business owners, so they can make smart, data-driven decisions," said Rami Thabet, Vice-President, Digital Product at RBC. "As more of our business clients use digital channels to manage their cash flow and run their businesses, we are constantly looking for ways to offer them effortless and simple solutions that can positively impact the way that they work."
In addition to these mobile banking features, small business owners can also gain valuable savings and bonus RBC Rewards points through the bank'sexclusiveRBC Offersfor businessprogram.
Available through RBC's online business banking channel or the RBC Offers portal, owners can tap into benefits when purchases are made using an RBC credit or debit card though one of the program's many partner merchants. Small business owners may receive RBC Offers from merchants including: Petro Canada, ADP, Telus, WeWork and Fairmont Hotels & Resorts. RBC Offers for businesses will be available on the RBC Mobile app in the near future.