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Financial institutions are on high alert going into 2026 as fraudsters continue to tap AI for their schemes. In fact, 67% of financial institution leaders agree that fraud events are increasing, driven by bad actors’ use of tools like generative AI, according to Alloy’s 2026 State of Fraud report, released Dec. 9. The report surveyed more than 500 industry leaders at enterprise banks, regional […]
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Whitney McDonald
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Royal Bank of Canada is developing tools by combining new and old tech to fight scams powered by gen AI. The bank is blending AI and gen AI tech to fight fraud, Geoffrey Morton, senior director of fraud strategy at RBC, told FinAi News. “We’re exploring specifically within scams,” Morton said. “It’s one thing to be able to detect the scam activity but it’s another problem to convince […]
The post RBC adds gen AI to ‘fraud-fighting toolbox’ appeared first on FinAi News.
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Vaidik Trivedi
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Royal Bank of Canada is seeing increased efficiency and output through continued investment and deployment of AI. The $1.1 trillion bank launched RBC Assist for 30,000 employees in this year, Geoffrey Morton, senior director of fraud strategy at RBC, told FinAi News. This internal, gen AI-driven chatbot is designed to help employees perform functions ranging from checking company policies to writing code, Morton said. “Think of it as an internal ChatGPT trained on our bank’s data,” he […]
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Vaidik Trivedi
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According to a recent survey by Léger, Moi is currently the “most widely used loyalty program in Quebec.” In Ontario, however, it will face heavier competition from the PC Optimum and Scene+ rewards programs, which dominate the market. So, how does Moi stack up? Let’s dive into the program and find out.
In under 60 seconds, get matched with a personalized list of the best credit cards based on your spending personality and approval likelihood. No SIN required.
Right now, Canadians can earn and redeem Moi points at Metro, Super C, Jean Coutu, Brunet and Première Moisson stores in Quebec only. In Ontario and New Brunswick, Moi is currently offered in Jean Coutu pharmacies, but it will soon become available at Metro and Food Basics stores in Ontario.
Unlike with PC Optimum and Scene+, Moi rewards you on all purchases made at participating stores. Specifically, you get one point for every dollar spent. You’ll also get a welcome bonus of 250 points when you enroll in the program. You can earn bonus points through in-store and targeted offers. For example, you could earn three times the points when you spend $50, or earn 10 bonus points when buying a particular brand of barbecue sauce.
You can redeem Moi points at any participating retailer once you’ve reached a minimum of 500 points (for a value of $4). That means one Moi point is worth $0.008 (or 0.8 cents), which is a decent value considering you earn points on all your purchases.
Currently, the Moi RBC Visa has a welcome bonus of up to 10,000 Moi points, which is equivalent to $80. When using the Moi RBC Visa in combination with the Moi program card, the earn rate is 2 Moi points per dollar spent at participating Metro, Jean Coutu, Brunet and Première Moisson stores. Restaurant, gas and EV charging purchases also earn you 2 points per dollar. All other purchases earn you 1 point per dollar.
As for the benefits, the card includes mobile device insurance, and purchase security and extended warranty insurance. You’re getting a respectable earn rate and perks for a no-annual-fee card, but there are still some drawbacks.
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Annual fee: $0
Welcome offer: Earn up to 10,000 Moi points ($80 value)
Card details
| Interest rates | 20.99% on purchases, 22.99% on cash advances, 22.99% on balance transfers |
| Income required | None |
| Credit score | None specified |
Even though the Moi RBC Visa is the official co-branded card of Metro-affiliated stores, there are other credit cards to consider using instead.
The Scotiabank Momentum Visa Infinite card comes with 4% cash back per dollar spent on groceries, recurring bills and subscription purchases. You also get 2% cash back on gas and daily transit. All other purchases earn 1% cash back. While the earn rate is higher than the Moi RBC Visa’s at Metro stores, the Scotiabank Momentum Visa Infinite has an annual fee of $120 (waived for the first year), and the cash back is only paid out as a statement credit once a year, in November.
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Barry Choi
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The bank said Thursday it will now pay a quarterly dividend of $1.42 per share, an increase of four cents. It also said it plans to buy back up to 30 million of its shares.
The moves came as RBC said it earned $3.95 billion or $2.74 per diluted share for the quarter ended April 30, up from $3.68 billion or $2.60 per diluted share a year earlier, helped in part by record capital markets revenue.
“This quarter, we saw strong growth across diversified revenue streams,” said chief executive Dave McKay on an earnings call.
He said the bank’s capital generation means it has options ahead for growth, including potential acquisitions, even as the bank returns more money to shareholders.
“This enormous capital that we are generating gives us significant strategic flexibility inorganically.”
The bank also has a wide range of growth options within the bank now, including making the most of its $13.5-billion HSBC Canada acquisition.
The roughly 4,500 employees RBC took on with the acquisition are now free from the uncertainty around the deal, and the barriers it posed to bringing on clients, he said.
“They’ve been on the defence for 18 months, and now we’re on the offence and you can see the excitement in their eyes to get back,” said McKay.
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The Canadian Press
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Royal Bank of Canada is on target to fully integrate HSBC Canada into its operations within the next two years. The $1.4 trillion bank expects to save CA$740 million ($541 million) once the merger is completed, according to the bank’s earnings report for its fiscal second quarter ending April 30. The bank closed its acquisition […]
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Vaidik Trivedi
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Navy Federal Credit Union selected SaaS core modernization provider Zafin to update its core and move away from its legacy mainframe. “We selected Zafin to help us as we work to externalize our products and pricing from the banking core,” Pete Amstutz, senior vice president of savings and membership at Navy Federal, told Bank Automation […]
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Vaidik Trivedi
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RBC spokesperson Christine Stewart said in an email that the bank will begin converting HSBC branches and offices on March 28, the same day its $13.5-billion takeover deal will close, if it clears customary conditions.
Branches and offices being converted into RBC locations will reopen on April 1.
Stewart did not say whether any HSBC branches or offices would be permanently closed.
The brick-and-mortar transformation that will take shape at HSBC is one of the earliest manifestations of the expansion of RBC’s empire.
RBC announced plans to purchase HSBC Bank Canada in November 2022. At the time, HSBC had about 800,000 clients, 130 branches, 4,200 employees and 2% market share.
It also counted $130 billion in assets, making it the seventh largest bank in the country.
Despite being a minor player in comparison to some of the larger banks, experts predicted the deal could have a negative impact on consumer choice because HSBC often undercut its rivals on borrowing costs.
Other, larger banks offered fixed and variable mortgage rates that were 20 to 80-plus basis points higher than HSBC, mortgage strategist Robert McLister said in December 2023.
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Canadian banks leaned into technology spend during the most recent quarter as efficiency and innovation remained a priority.
“Transformational level use of technology, creating capacity and business velocity,” is top of mind for Canadian clients, Karin Kirkwood, president of Canada-based fintech Broadridge Canada, told Bank Automation News.
She added that banks are focused on three things:
Banks are working to remove time-intensive manual processes and “redirect that capacity to providing higher value for our clients,” she said.
This week, Bank of Montreal, National Bank of Canada, Royal Bank of Canada, Scotiabank and TD Bank all reported earnings that reflect increased tech spend and an uptick in innovation and overall digital channel usership.
The Canadian banks reported increases in non-interest expenses and some broke out technology-specific spending.
$1 trillion Scotiabank, for one, upped its tech spend 13% year over year to CA$570 million ($421 million), according to the bank’s earnings supplement.
$311 billion National Bank of Canada also increased tech spend 3.6% YoY to $190 million as the bank invested in technology across its business lines including wealth management, financial markets, and personal and commercial banking.
As tech spend grew, the banks invested in innovation to keep up with growing customer demand for digital capabilities.
During the quarter, the following digital solutions launched:
The banks also reported an increase in digital adoption across their mobile and digital channels.
TD Bank’s mobile usership increased 7.7% YoY to 5 million users in the United States and grew 8.5% YoY to 7.7 million users in Canada, according to the bank’s earnings presentation, released today.
The banks reported the following digital adoption:
| Bank | Active mobile usership | % Change YoY |
| RBC | 7M | 12% |
| Scotiabank | 4.8M | 7% |
| TD Bank | 12.7M | 2% |
Editor’s note: All amounts have been converted to U.S. dollars.
Join us for Bank Automation Summit U.S. 2024 in Nashville, Tenn., on March 18-19! Discover the latest advancements in AI and automation in banking. Register now.
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Whitney McDonald
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Whitney McDonald
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17. 2011: Google released Google Wallet in the U.S., three years before Apple Pay even popped up on our iPhones. Over the next decade, Google tested many versions of the app—and even launched a second one, named Google Pay (which was intended to replace Google Wallet). In February 2024, the company said it would end Google Pay in the U.S.—and replace it with Google Wallet. In its current iteration, Google Wallet serves as a comprehensive digital wallet that can store payment and loyalty cards, transit and event tickets, proof of COVID vaccination and even digital car keys.
18. 2014: Scotiabank renamed ING Direct Canada, which it acquired two years earlier, as Tangerine. ING Direct was Canada’s first branchless bank and one of the first institutions to offer a no-fee high-interest savings account (HISA). Today, under its new name, Canada’s first online-only bank continues to offer favourable rates and low fees.
19. 2014: ShareOwner Investments was the first robo-advisor to operate in Canada—by a matter of months. At the start, the portfolio management platform allowed Canadian investors to pick one of five model portfolios or to create their own from a list of around 50 ETFs. Over the next few years, robo-advisors gained popularity among investors, as more startups cropped up, Wealthsimple acquired ShareOwner Investments, and BMO became the first major Canadian bank with its own robo service, SmartFolio.
20. 2015: Following devastating floods in Alberta, home insurance providers Aviva Canada, The Co-operators, RSA Canada and 13 others offered overland flood insurance, which never existed before. Previously, insurers generally only offered sewer backup coverage, which protects against another type of water damage.
21. 2016: BMO was the first bank to offer biometric identification for corporate credit card users. With this technology, customers could complete online payments with a “selfie” or fingerprint check. On the mobile banking side, a new version of the Tangerine app incorporated biometric technologies like EyeVerify (for eyeprint ID technology) and VocalPassword (for voice authentication).
22. 2017: Toronto-based PayBright was the first company to offer a buy now, pay later option to Canadians. The service, offered at online check-outs, allows shoppers to pay for routine purchases—everything from clothing and makeup to flights—through installments. Many similar companies now operate in Canada, including Affirm (which acquired PayBright in 2021), Sezzle and Afterpay. Some large banks have also created installment payment products and credit card features, including CIBC (with Pace It) and Scotiabank (with SelectPay).
23. 2019: RBC made NOMI Budgets available through the RBC mobile banking app. NOMI Budgets, which the bank described as the first of its kind in Canada, uses artificial intelligence (AI) to proactively analyze a customer’s spending history, make budget recommendations and send timely updates.
24. 2022: OpenAI released ChatGPT, a generative AI chatbot. Within two months, it had an estimated 100 million monthly active users, making it the fastest-growing consumer application in history. The new tech has myriad potential applications in finance, including performance measurement and forecasting, data analytics, customer service, and real-time calculations and advice.
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Justin Dallaire
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Although the transition will be largely managed internally by RBC, current HSBC customers might have questions about what’s coming up in the next two months. In this article, we’ll walk you through what to expect.
During the transition, most changes will be automatic, so HSBC customers can continue to bank as they normally would. Customers should look in the mail for a product and services guide, called Welcome to RBC, and keep it around during the transition as it contains reference information and links. Below we’ve outlined what is expected to happen with HSBC accounts, loans and investments.
What’s happening: RBC will identify suitable bank accounts for HSBC customers based on the features of their current accounts and will send new RBC debit cards in the mail. Customers without an HSBC chequing or savings account will receive an RBC client card number. Expect to receive your cards or client card number by the end of February 2024.
What to do: Continue to use your HSBC card until the transition to RBC is complete. In the meantime, use your new RBC card or client number to enroll in RBC online banking or the RBC app. You can activate your debit card online. This will ensure that you have access to your RBC accounts once the transition is complete.
Note: Your historical account information will migrate to RBC but you can also download it from HSBC to have it on hand. For more information, refer to Section 2 of your welcome package.
What’s happening: As with your personal bank accounts, RBC will identify which RBC credit cards to offer you based on the features of your current HSBC credit cards, and the bank will mail them to you by the end of March 2024. Your personal credit limits and balances will be the same as they were with HSBC. Any insurance coverages and services you had through HSBC, however, will come to an end and be replaced with those offered by RBC, if applicable.
What to do: Activate your credit cards online right away, but also carry your HSBC cards until your RBC cards are ready to use. Find out more about credit cards in Section 5 of the welcome guide or by visiting RBC’s website.
What’s happening: All HSBC lending products, including lines of credit, loans and mortgages will migrate to RBC at the end of March 2024. The terms of your mortgage agreement, including the interest rate, term, payment amount and frequency, amortization, portability and pre-payment privileges will remain the same until your current term ends.
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Keph Senett
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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada. To help you find the best financial products, we compare the offerings from over 12 major institutions, including banks, credit unions and card issuers. Learn more about our advertising and trusted partners.
Royal Bank of Canada offers an array of credit cards catering to various preferences and spending habits. Whether you prioritize travel rewards with Avion points, seek the flexibility of cash back, or prefer unique benefits like WestJet dollars, RBC has a card for you. With credit cards spanning the Visa and Mastercard networks, cardholders can tailor their shopping experience to suit their preferences. Let’s explore the standout features of the best RBC credit cards in Canada.
| Best credit card by category | Why we love it |
|---|---|
| Best RBC travel credit card RBC Avion Visa Infinite Annual fee: $120 |
At least 1 Avion point per $1 spent on all your purchases, and good redemption flexibility |
| Best RBC airline travel credit card WestJet RBC World Elite Mastercard Annual fee: $119 |
1.5% earn rate paired with an annual round-trip companion voucher on WestJet |
| Best RBC no-fee travel rewards credit card RBC ION Visa Annual fee: $0 |
1.5 Avion points per $1 spent across six spending categories, including streaming, subscriptions and digital gaming |
| Best RBC cash back credit card RBC Cash Back Preferred World Elite Mastercard Annual fee: $99 |
1.5% cash back on your first $25,000 in purchases annually |
| Best RBC no-fee cash back credit card RBC Cash Back Mastercard Annual fee: $99 |
Up to 2% cash back on groceries and up to 1% on all other purchases, with no annual fee |
| Best RBC low-interest credit card RBC Visa Classic Low Rate Option Annual fee: $20 |
12.99% interest rate on both purchases and cash advances |
At a glance: The RBC Avion Visa Infinite is a premium travel credit card that has a flexible rewards program and exclusive benefits. Cardholders earn 1 Avion point per $1 spent, and a boosted 1.25 points on eligible travel expenses (like flights, cruises and car rentals).
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At a glance: With perks like a yearly round-trip companion voucher, free checked bags and Boingo Wi-Fi access, the WestJet RBC World Elite Mastercard makes an attractive travel buddy. In fact, it’s the best credit card in Canada for frequent WestJet flyers—full stop. Cardholders earn 2% back in WestJet dollars on purchases of WestJet flights and vacation packages and get 1.5% back on all other spending. One WestJet dollar has a value of one Canadian dollar.
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At a glance: The RBC ION Visa is a no-annual-fee rewards credit card that gives you 1.5 Avion points per $1 spent on groceries, rides, gas (and EV charging), streaming, subscriptions and digital gaming. Get 1 point per $1 spent on all other purchases.
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At a glance: With the RBC Cash Back Preferred World Elite Mastercard, you’ll earn cash back on all your purchases. You’ll get 1.5% on the first $25,000 charged to the card annually and 1% thereafter. Enjoy additional benefits like instant fuel savings at Petro-Canada, Be Well points at Rexall and $0 delivery fees for 12 months from DoorDash.
At a glance: Like some of the best cash back credit cards in Canada, the RBC Cash Back Mastercard offers cash back with no annual fee. Earn up to 2% on groceries and up to 1% on all other purchases. Benefit from instant fuel savings at Petro-Canada, enhanced Be Well points at Rexall and $0 delivery fees for three months from DoorDash.
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At a glance: For individuals trying to tackle credit card debt, the RBC Visa Classic Low Rate Option is a valuable card. It offers a consistent 12.99% interest rate for purchases and cash advances—that can’t be said of all low-interest credit cards in Canada. While it may lack extensive perks, it does provide advantages like discounts at Petro-Canada and complimentary delivery services through DoorDash.
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Sandra MacGregor
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Vaidik Trivedi
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Whitney McDonald
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Brian Stone
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Royal Bank of Canada’s (RBC) discretionary and tech-related expenses jumped 22% year over year to $190 million during the first quarter as the bank focused on improving its technology and infrastructure “in support of business growth and product innovation,” according to its earnings presentation Wednesday. WHY IT MATTERS: The $1.4 trillion bank is upgrading its […]
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Brian Stone
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RBC Bearings Incorporated (NYSE:RBC – Get Rating) has been assigned an average rating of “Hold” from the ten ratings firms that are presently covering the firm, Marketbeat reports. Two research analysts have rated the stock with a sell recommendation, four have issued a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued ratings on the stock in the last year is $245.00.
A number of brokerages recently weighed in on RBC. Alembic Global Advisors lowered shares of RBC Bearings from an “overweight” rating to a “neutral” rating and set a $217.00 target price for the company. in a research note on Tuesday, December 20th. Morgan Stanley reduced their target price on shares of RBC Bearings from $293.00 to $283.00 and set an “overweight” rating for the company in a research note on Monday, December 12th. Truist Financial upped their target price on shares of RBC Bearings from $240.00 to $265.00 and gave the stock a “buy” rating in a research note on Friday, November 11th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $220.00 target price (down from $269.00) on shares of RBC Bearings in a research note on Tuesday, January 10th. Finally, Royal Bank of Canada lowered shares of RBC Bearings from an “overweight” rating to a “neutral” rating in a research note on Tuesday, December 20th.
Shares of RBC stock opened at $232.00 on Friday. RBC Bearings has a 12-month low of $152.90 and a 12-month high of $264.94. The firm has a market capitalization of $6.73 billion, a price-to-earnings ratio of 74.36, a price-to-earnings-growth ratio of 6.01 and a beta of 1.42. The company has a quick ratio of 1.16, a current ratio of 2.98 and a debt-to-equity ratio of 0.62. The firm has a fifty day moving average of $223.44 and a 200-day moving average of $232.27.
RBC Bearings (NYSE:RBC – Get Rating) last announced its quarterly earnings results on Thursday, November 10th. The industrial products company reported $1.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.63 by $0.18. RBC Bearings had a net margin of 7.98% and a return on equity of 7.48%. The company had revenue of $369.17 million during the quarter, compared to analyst estimates of $361.32 million. On average, equities research analysts forecast that RBC Bearings will post 6.82 earnings per share for the current year.
In other news, CEO Michael J. Hartnett sold 1,500 shares of the stock in a transaction dated Monday, November 28th. The shares were sold at an average price of $241.67, for a total transaction of $362,505.00. Following the completion of the transaction, the chief executive officer now directly owns 275,339 shares in the company, valued at approximately $66,541,176.13. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.71% of the company’s stock.
A number of institutional investors and hedge funds have recently modified their holdings of RBC. American Century Companies Inc. raised its holdings in shares of RBC Bearings by 16.1% in the 1st quarter. American Century Companies Inc. now owns 2,786 shares of the industrial products company’s stock valued at $540,000 after purchasing an additional 387 shares during the period. HighTower Advisors LLC raised its holdings in shares of RBC Bearings by 6.8% in the 1st quarter. HighTower Advisors LLC now owns 7,920 shares of the industrial products company’s stock valued at $1,545,000 after purchasing an additional 501 shares during the period. Private Advisor Group LLC raised its holdings in shares of RBC Bearings by 12.8% in the 1st quarter. Private Advisor Group LLC now owns 3,303 shares of the industrial products company’s stock valued at $641,000 after purchasing an additional 375 shares during the period. MetLife Investment Management LLC raised its holdings in RBC Bearings by 53.4% in the 1st quarter. MetLife Investment Management LLC now owns 14,826 shares of the industrial products company’s stock valued at $2,874,000 after acquiring an additional 5,159 shares during the period. Finally, BlackRock Inc. raised its holdings in RBC Bearings by 1.6% in the 1st quarter. BlackRock Inc. now owns 2,145,334 shares of the industrial products company’s stock valued at $415,937,000 after acquiring an additional 33,956 shares during the period.
RBC Bearings, Inc engages in the design, manufacture, and marketing of engineered precision bearings and products. It operates through the Aerospace and Defense, and Industrial segments. The Aerospace and Defense segment represents the end markets for the company’s highly engineered bearings and precision components used in commercial aerospace, defense aerospace, and sea and ground defense applications.
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ABMN Staff
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Canadian banks upped their technology spend and talent acquisition efforts in the fiscal fourth quarter amid increasing digital adoption. The $1.4 trillion TD Bank increased its tech spend in Q4 10% year over year to $4.8 billion; $1.4 trillion Royal Bank of Canada’s (RBC) tech investment grew 8.5% YoY to $5.3 billion; and $805 billion […]
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Whitney McDonald
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Royal Bank of Canada’s (RBC) fourth-quarter expenses were up year over year, driven by its focus on digitalization and growth in digital usership. WHY IT MATTERS: The $1.4 trillion USD bank attributed the rise in expenses to “[investing] in the business around our application development, our technology costs and providing for our clients,” RBC Chief […]
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Brian Stone
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