PYMNTS-MonitorEdge-May-2024

RBC Augments AR Capabilities On SMB Mobile Banking

RBC

The Royal Bank of Canada (RBC) is enhancing its mobile banking solution for small businesses with a focus on speed and accounts receivable.

In a press release Tuesday (Oct. 1) RBC said it is adding new features to its small business mobile banking offering, including integrating its Interac e-Transfer payment request solution into the mobile app, allowing small businesses to get reminders and initiate payment requests while on the go.

Additional new features include the integration of RBC‘s Financial Snapshot solution, a dashboard that provides a unified, streamlined view of a small business’s current cash positions with customizable insights into expenses, investments and overall cash flow. RBS is also adding NOMI Insights to its mobile app for small businesses, connecting users with analytics into spending activity and cash flows.

In addition to rolling out enhanced mobile banking services, RBC also released research that found Canadian small business owners largely view administrative tasks as their top challenge; enhancing mobile banking capabilities means small business owners can more easily and quickly complete administrative tasks, the bank said.

“Optimizing time and money across every facet of a business operation is critical to the success and profitability of owners,” said RBC Vice President, Small business and Strategic Partners Lori Darlington in a statement. “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.”

In another statement, RBC Vice President, Digital Product Rami Thabet said the additions to the mobile banking offering enable small to medium-size businesses (SMBs) to make “smart, data-driven decisions.”

“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 they work,” Thabet said.

PYMNTS-MonitorEdge-May-2024