When Bruce Ross joined Royal Bank of Canada (RBC) as head of technology and operations in 2014, Canadian banks were in the early stages of digital adoption. “At that time, we processed 380 million transactions a day and had about 1 million active mobile clients,” he says.
Today RBC has circa 4 million mobile active clients and 10 million digitally enrolled clients. The bank’s transaction volumes have increased by a 30% compound annual growth rate, driven mainly by these mobile users. The bank is now processing 500 million transactions a day and Mr Ross expects this will rise to 750 million in the next five years. Additionally, he is planning for the possibility that all 12 million clients will be active mobile users.
