This week, RBC introduced a new feature on its mobile app that enables a faster and easier renewal process for eligible clients.
Clients can securely renew their mortgage without needing to visit a branch or speak with an advisor. The bank claims that clients renewing through the app will be able to secure the best rate, choose from a range of mortgage terms, and virtually sign the necessary mortgage documents.
In an article for the Financial Post, Robert McLister explained that this is not the “horrendously high posted rates” that were once sent to mortgagors in the bank’s renewal letter. Not everyone receives the same offer, although the algorithms used to determine the ‘customized rate’ were not disclosed.
The bank also launched an online mortgage application tracking platform. Mortgage applicants can use the platform to securely upload the financial documents required for a mortgage application, track each stage of their application process, and connect with one of the bank’s mortgage specialists.
The key reasons for the bank adding this feature at this time are discussed.
For more, please read this week’s issue of Competitive Intelligence (CI) Update.
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