|By PR Newswire||
|April 24, 2014 05:00 AM EDT||
TORONTO, April 24, 2014 /CNW/ - RBC Royal Bank today announced it has made a number of enhancements to make it easier for newcomers to manage their finances and settle in Canada. The changes being made recognize the unique needs of newcomers and better enable access to credit products, including options that require no Canadian credit history.
"Each year, we welcome approximately 650,000 immigrants to Canada and one of the common challenges newcomers face is establishing credit in their new home country," said Christine Shisler, director, Multicultural Markets, RBC. "We want to be the bank that helps people with their important firsts - their first bank account, their first credit card, their first car purchase and their first home. These are significant milestones and we want to make the transition to Canada as seamless as possible by recognizing their needs and values."
The changes affect three major areas of the journey to Canada: Buying your first car and home, establishing a Canadian credit history and getting reaccredited in your field. These changes will make it easier to get the credit products they need without waiting to build a Canadian credit history.
Buying your first car in Canada
Upon settling in Canada, many people require a vehicle. In a study conducted by RBC, about one in four (26 per cent) newcomers who have been in Canada for one year or less report they expect to buy a vehicle in the next year. However, more than one-third (39 per cent) of these say they don't know how they are going to finance it. RBC has made it easier to make a first car purchase in Canada by introducing a new "no credit history required" loan at over 3,500 dealerships nationwide.
Buying your first home in Canada
Many newcomers buy a home within five years of arrival, and our research has shown that it can be a very challenging experience. Our new mortgage enhancements make it easier for newcomers to get into their first house in Canada sooner. We've extended the qualification period for RBC's Newcomer Mortgage program from three to five years, enabling more newcomers to get a mortgage in the first five years of arrival in Canada, with or without a credit history.
Establishing a Canadian credit history
Although RBC does not require newcomers to have a credit history in order to purchase your first vehicle or home, establishing a credit history is a critical step upon settlement in Canada. In the same study, RBC found that one-third (32 per cent) of those new to Canada felt that having a credit card was a useful way to establish a good credit rating in Canada. Allowing flexible borrowing behaviour helps newcomers achieve goals like buying a car or a house. RBC was one of the first banks to introduce the "no credit history required Unsecured Credit Card," and with this latest enhancement has made it easier for the vast majority of permanent residents to qualify for an unsecured credit card.
Getting reaccredited in your field
Once they arrive in Canada, many workers may need to upgrade skills, and enroll in courses or school to receive Canadian accreditation in their chosen profession. To help newcomers with their career goals, RBC is expanding its unique Newcomer Skilled Loan Program to provide easier financing to support this important step.
"We want to help people achieve their goals in Canada, whether that's home ownership, buying a car or getting Canadian accreditation in their skill or trade," said Shisler. "The changes we are making demonstrate RBC's desire to understand and adapt to newcomer needs, values and timelines. We're working to help them build the lives they want faster so they're on track for success in Canada."
RBC's International Remittance service through RBC Online Banking has also changed, and will make it easier for clients to transfer funds in a low-cost manner with its expansion to the United States and other countries, including Puerto Rico and the U.S. Virgin Islands.
About RBC's Welcome to Canada Package
For over 145 years, RBC has been helping newcomers get settled in Canada by providing them with resources and tools that make settling in Canada an easier transition.
- To assist with language barriers RBC provides service by phone or in-branch in over 200 languages.
- The RBC Welcome to Canada package helps newcomers who have been in Canada for less than three years with key financial decisions and includes advice and discounts on products and services, such as a banking account with no monthly fees for 6 months, and an unsecured, no credit history required $1,000 credit card, with Visa & MasterCard options to help them start building a credit history.
- Consumers around the world can access information on moving to Canada, including financial advice checklists and more, at rbc.com/canada.
About the poll
The poll was conducted by Environics Research Group on behalf of RBC in May 2013. Respondents were recruited from an online consumer research panel and are made up of 357 immigrants residing in British Columbia, Ontario, and Quebec who are first generation and have lived in Canada for 1 year or less. Quotas were applied to represent the different regions and ethnicities in Canada. Data was weighted according to population data to represent the population as closely as possible. A survey with an unweighted probability sample of this size and a 100 per cent response rate would have an estimated margin of error of ±5 percentage points 19 times out of 20 of what the results would have been had the entire population of immigrants in Canada been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to, coverage error and measurement error.
Royal Bank of Canada is Canada's largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America's leading diversified financial services companies, and provide personal and commercial banking, wealth management services, insurance, investor services and capital markets products and services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 42 other countries. For more information, please visit rbc.com.
RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2013, we contributed more than $104 million to causes worldwide, including donations and community investments of more than $69 million and $35 million in sponsorships. Learn more at rbc.com/community-sustainability.
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 19, 2017 09:15 AM EST Reads: 5,021
As cloud adoption continues to transform business, today's global enterprises are challenged with managing a growing amount of information living outside of the data center. The rapid adoption of IoT and increasingly mobile workforce are exacerbating the problem. Ensuring secure data sharing and efficient backup poses capacity and bandwidth considerations as well as policy and regulatory compliance issues.
Feb. 19, 2017 09:15 AM EST Reads: 1,543
Many private cloud projects were built to deliver self-service access to development and test resources. While those clouds delivered faster access to resources, they lacked visibility, control and security needed for production deployments. In their session at 18th Cloud Expo, Steve Anderson, Product Manager at BMC Software, and Rick Lefort, Principal Technical Marketing Consultant at BMC Software, discussed how a cloud designed for production operations not only helps accelerate developer inno...
Feb. 19, 2017 09:15 AM EST Reads: 1,479
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business. Though, IoT is far more complex than most firms expected with a majority of IoT projects having failed. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, Chief IoTologist at Wipro, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology portfolios and business models to adopt and leverage IoT. He will delve in...
Feb. 19, 2017 09:15 AM EST Reads: 1,006
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of SYS-CON's 20th International Cloud Expo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great dea...
Feb. 19, 2017 07:45 AM EST Reads: 1,657
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Feb. 19, 2017 07:30 AM EST Reads: 1,391
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Feb. 19, 2017 06:45 AM EST Reads: 5,352
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Feb. 19, 2017 05:45 AM EST Reads: 4,714
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...
Feb. 19, 2017 05:45 AM EST Reads: 806
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Feb. 19, 2017 05:00 AM EST Reads: 4,661
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Feb. 19, 2017 04:00 AM EST Reads: 10,969
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Feb. 19, 2017 03:00 AM EST Reads: 3,814
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 19, 2017 03:00 AM EST Reads: 1,533
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Feb. 19, 2017 02:30 AM EST Reads: 754
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Feb. 19, 2017 02:30 AM EST Reads: 1,268