The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

ROYAL Bank of Canada's (RBC) top regional executive says use of its digital platform in The Bahamas is "well above forecast", with increasing demand for more availability and functionality.

Rob Johnston said RBC's digital push has been "extremely well received" by Bahamians. "Our move into online banking, and our mobile banking platform, has been extremely well received by Bahamians. In fact, there was a pent-up demand," he said.

"Bahamians have actually more smart phones and devices than most countries in the world per capita. They are used extensively for social and other applications. Now Bahamians are starting to see how they can be used to make things easier; save time, money and add convenience. Our adoption and utilisation is well above forecast. Now, rather than perhaps some resistance, we are getting demand for increased functionality, more availability."

Mr Johnston added: "As clients use online and mobile banking and ATMS for the more day-to-day activities, that leaves more times in our branches to do things that are more complex. People who have problems that need solving, people who need advice and solutions. We now have more capacity in our branches than we would have and previously."

RBC stopped cashing cheques, accepting bill payments, taking deposits or buying and selling foreign currency for non-customers on January 2. It now only cashes government cheques and pension cheques for non-clients.

Deposits and transfers to other RBC clients' accounts are also no longer accepted over-the-counter in branches, other than those for FINCO clients. The bank also ceased its FastDeposit service on January 15, while wire transfers were not processed over-the-counter - and standing orders for credit cards discontinued - from January 31, 2018.

Last Friday, announced that RBC Future Launch, RBC's signature initiative focused on equipping youth with the opportunities and skills to succeed in an ever-changing and technologically-evolving workforce, will be coming to the Caribbean.

"RBC Future Launch was launched iN Canada about a year ago. It was our view about what's necessary to engage youth differently and prepare them for a world of work that we really don't understand what it will be in the future," said Mr Johnston.

"We do know that there are things we can do today to prepare youth for tomorrow even without that clarity; things like developing work experiences, acquiring skills, building networks, finding mentors, all of that we can enable today and there is no doubt it will be a part of tomorrow

He added: "Financial services is dynamic, it's growing and becoming increasingly complex. We need new skills, we need new backgrounds. We hire today data scientists, engineers, application development, strategists, economists. Across the whole spectrum of education and spectrums you will find those in RBC. Financial services are complex ecosystem; both internally and the way we interact with governments and corporations and clients."

Mark Beckles, RBC's senior director of youth strategy and innovation, said: "RBC Future Launch is RBC's most explicit expression to helping our clients and, more specifically, communities prosper by ensuring that the youth have every opportunity to be successful as they prepare for the future of work.

"What is happening is young people are growing up and they don't have a basic understanding of how to manage their financial affairs. What we are doing as an organisation is we are supplementing that curriculum by providing on the RBC Future Launch web site utilities for young people and parents to be able to go on to that website and build their won competencies around financial literacy."