RBC and Envestnet Data and Analytics announce agreement to provide clients with greater control over their financial data
For the first time, more than 14 million RBC clients have direct connection to Envestnet |
RBC becomes one of the largest banks in
"RBC is committed to providing Canadians with industry-leading digital solutions that deliver more value, without compromising the security of their information," said
This move to a direct API connection significantly reduces reliance on RBC client credentials for sharing financial information in
"Our relationship with RBC is vital for empowering their customers to make intelligent financial decisions," said
Consumers often use mobile apps and tools to consolidate financial information and to assist with budgeting and managing their money. The implementation of this data access agreement with Envestnet |
"Our clients want their primary banking relationship to be anchored with RBC, but they also want to be empowered to access, use and share their financial data with other applications," added Tilton. "As we deliver this added client value, it is more important than ever that we do so in a safe and secure manner. This agreement with Envestnet |
This new, industry partnership is a demonstration of both companies' long-standing commitment to add value, prioritize security and create peace of mind for clients as they manage their finances digitally.
RBC clients also benefit from a wide range of RBC's digital security tools like PIN on Mobile, ID Verification, 2-Step Verification, Card Lock, two-way fraud alerts and fraud monitoring, in addition to the RBC Digital Banking Security Guarantee.
These tools and this additional layer of protection through the data access agreement is timely, as privacy is a high priority right now with the rise of fraud attempts during the pandemic. According to RBC's 2022 Fraud Prevention Month Poll, 48% of respondents say fraudsters have increasingly targeted them since the start of the pandemic, compared to 22% in 2021. And Canadians aren't just feeling the increase in fraud attempts—the Canadian Anti-Fraud Centre has reported that incidents of ID fraud targeting financial credentials nearly doubled between 2019 and 2020, from about 9,000 to more than 17,000, and final numbers for 2021 are expected to double again.
We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.
Envestnet refers to the family of operating subsidiaries of the public holding company, Envestnet, Inc. (NYSE: ENV). Envestnet is Fully Vested™ in empowering advisors and financial service providers with innovative technology, solutions, and intelligence to help make financial wellness a reality for their clients through an intelligently connected financial life. More than 106,000 advisors and over 6,500 companies—including 16 of the 20 largest
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