RBC Makes it Easier to 'Split the Tab' with its New Split with Friends Feature

Available in the RBC Mobile App, the new capability helps Canadians simplify the experience of managing & settling group expenses

TORONTO, March 7, 2022 /CNW/ - Today RBC launched Split with Friends, a new capability that allows RBC clients to easily streamline and manage their group expenses. A first for a Canadian bank, Split with Friends is available through the RBC Mobile App and enables clients to divide the cost of an expense amongst a number of contacts, request the money and track who's paid.

The pandemic has changed how Canadians move money, with more Canadians choosing to manage their finances through their mobile devices. Since January 2020, RBC has seen a 23% increase in active mobile users and now has 87% of its clients¹ digitally active. The monthly volume of e-transfers sent by RBC clients has grown by an unprecedented 74% since the beginning of the pandemic.

"Over the last two years, we've seen rapid growth in clients sending and requesting money through our RBC Mobile App," said Peter Tilton, Senior Vice-President, Digital, RBC. "The addition of Split with Friends to our growing list of mobile payment solutions is an exciting one as it provides our clients with a fast, convenient and secure way to manage group expenses, alleviating a common point of friction."

Now, RBC clients can use Split with Friends in the RBC Mobile App with three easy steps:

1. Input an amount to be divided;
2. Select the payees; and,
3. Send the request.

"We're excited to offer Split with Friends, a new digital innovation and the latest benefit added to RBC Vantage, our comprehensive everyday banking offering," said Sean Amato-Gauci, EVP, Cards, Payments & Banking, RBC. "We've all experienced the hassle of splitting bills and sharing expenses on things like group trips and meals. This is another great example of the powerful benefits that clients can access when they bank with RBC."

Since this capability is built within the RBC Mobile App, clients benefit from RBC's industry-leading digital security tools like 2-Step Verification, two-way fraud alerts and fraud monitoring, in addition to the RBC Digital Banking Security Guarantee.

Split with Friends was developed with feedback gained through RBC Launch, RBC's beta innovation app that provides clients with the opportunity to try new digital capabilities and innovative features before they are launched into the RBC Mobile App. This is one of many ways RBC continues to build trusted, connected and personalized digital experiences that Canadians will use and value.

This new digital capability shows RBC's continued commitment to add value and create peace of mind for our clients as they manage their finances digitally.

For more information, visit rbc.com or download the RBC Mobile App.

About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 88,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada's biggest bank, and one of the largest in the world based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our 17 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

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.

SOURCE RBC Royal Bank