The Canadian banking industry is on the list of 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 regardless of the present economic turmoil. Furthermore, Canadians are more than just customers but they themselves are shareholders through their pension plans and other investments.
Among the top 5 banks of Canada listed in order of market capitalization is the Royal Bank of Canada. Let me give you a brief overview of the bank.
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 at present 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 advancement of internet commercialization, a growing number of institutions are generally offering online services to cater customers with advanced technological preference. The Royal Bank of Canada adapted an internet banking system for its customers to execute basic banking activities online. Through this method, clients and investors can make business transactions that does not require physical presence, less effort and cost-effective. After only a couple of minutes, a number of banking transactions have been made. Clients will be able to enjoy the flexibility and comfort of banking right from the comfort of their homes or wherever they are, anytime during the day.
Online banking gives customers a chance to manage business and/or personal finances through its features like updating account information, bill payment, money transfer and even loan application from any location, all with merely the use of their internet-enabled computer. The Royal Bank of Canada guarantees a safe and secured transaction. It has developed an Online Banking Security Guarantee which is a shared responsibility intended to provide 100% reimbursement in the instance that there will be unauthorized internet banking transaction.
Online banking makes transaction easier for a variety of the bank's clients. It is one of RBC's initiatives along with the continuous advancement in technological facilities to handle the increasing number of internet savvy customers, business clients who would need to continue making deals wherever they are and those who are too busy during the day and would rather make transactions at home, after business hours. Whatever the situation is, more and more institutions such as the Royal Bank of Canada is offering online services as a choice for their clients.
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Combined with internet commercialization and a boom in the use and ownership of computers, laptops and smart phones, the banking industry has gone out of their way to take advantage of this technology while incorporating their banking services simultaneously. Gone are the days of sending your payments in the mail where there is a chance it could possibly get lost or arrive late because of unforeseen delays in the delivery.
There are many businesses offering various kinds of customer services which ranges from personal up to though not restricted to phone transaction. With the growth of commercialized internet and electronic transactions, most companies are beginning to take advantage of this system to provide customer service.