Seniors the biggest new users of mobile and digital banking

Seniors aged 70 and over are particularly active in using mobile and digital banking through electronic money transfers, online payments and mobile banking, according to the latest client statistics from RBC. 

RBC said more than 65 per cent of newer digital banking users aged 70 and over are choosing mobile as their primary channel, while those aged 60 and over have driven increases of 101 per cent in electronic money transfers and 46 per cent in digital payments.  

While much of the 2020 surge in digital adoption was driven by the physical distancing requirements of COVID-19, RBC said it expects seniors will continue to use remote banking options in addition to in-branch support, after the pandemic ends. 

"We're seeing much stronger confidence among seniors about using mobile and digital services than was evident a year ago, even among those who had initially been reluctant to explore online banking options," said Rick Lowes, vice president, Retirement Strategy. 

New Code of Conduct to protect seniors came came into effect January 1st 

Several principles of the Code of Conduct for the Delivery of Banking Services to Seniors came into effect on January 1, 2021, to guide banks in their delivery of banking products and services to Canada's seniors. 

RBC has reinforced its resources in support of seniors by updating its existing power of attorney, fraud and financial abuse prevention training courses for frontline employees and making such courses an annual requirement. It is also launching a comprehensive refresh to online resources on its public RBC Resource Centre for Seniors website, as well as a new internal resource site for RBC advisors working with seniors. 

"We fully support the intent behind the seniors’ code and have moved quickly to ensure we're providing everything the code requires – and more," said Lowes, who leads RBC's response to the code. 

Through RBC's Check-In program, advisors continue to proactively reach out to clients, including more than one million who are seniors, to ask about their financial needs and assist them with their digital banking requirements. Advisors are also checking how the current pandemic may have impacted retirement plans – all with the goal of supporting seniors' financial well-being.