Royal Bank Of Canada-One Of The Top 5 Banks Of Canada
The Canadian banking industry is one of the strongest industries in Canada. It creates wealth for Canadians by serving as a medium between borrowers, investors and businessmen. According to the Canadian Bankers Association, banks across Canada paid over $7.6 billion in taxes to the Canadian government and approximately $9 billion globally as of 2005. The Canadian banking industry continues to advance despite the present economic turmoil. Furthermore, Canadians are more than just customers but they themselves are shareholders through their pension plans and other investments.
One of the top 5 banks of Canada listed in order of market capitalization is the Royal Bank of Canada. The bank was founded in 1864 in Halifax, Nova Scotia and was originally named Merchants Bank. Edson Loy Pease from Quebec is by far the first CEO and Managing Director of the bank, thus, playing an important role in the institution's history. RBC is currently headquartered in Toronto at the Royal Bank Plaza. The Royal Bank of Canada is the largest financial institution in Canada based on revenues, deposits and market capitalization. RBC has operations in Canada, United States and 51 other countries.
With the advent of internet commercialization, more and more institutions have been offering online services to cater customers with advanced technological preference. The Royal Bank of Canada adapted an internet banking system for its customers to perform basic banking activities via the internet. Through this system, clients and investors can make business transactions that does not require physical presence, less effort and cost-effective. After just a few minutes, a number of banking transactions have been made. Clients get to have the flexibility and convenience of banking right from the comfort of their homes or wherever they are, anytime of the day. Online banking gives customers the ability to manage business and/or personal finances through its features like updating account information, bill payment, money transfer and even loan application from anywhere in the world, all with just the use of their internet-enabled computer. The Royal Bank of Canada guarantees a safe and secure transaction. It has developed an Online Banking Security Guarantee which is a shared responsibility that will provide 100% reimbursement in the event there will be unauthorized online banking transaction.
Online banking makes banking easier of a variety of the bank's clients. It is one of RBC's initiatives along with the continuous advancement in technological facilities to deal with the increasing number of internet savvy customers, business clients who would want to continue making deals wherever they are and those who are too busy during the day and would prefer to make transactions at home, after business hours. Whatever the case there is, more and more institutions like the Royal Bank of Canada is offering online services as an options for their customers.
