CardLinx member company RBC (formerly known as Royal Bank of Canada) announced it will be launching a digital bank in the US targeting affluent customers. RBC is the largest bank in Canada and has launched a number of card-linking programs in Canada through its RBC Ventures unit.
RBC joins a growing list of large foreign banks opening operations in the US. CardLinx member Rakuten, one of the largest card issuers in Japan, announced late last year that it was setting up shop in the US as well. While the US banking and card market is the largest in the world, US FIs are perceived as slow to adopt the latest direct-to-consumer technologies. As a result, foreign entrants from Asia, Europe and now Canada are poised to leverage on their digital-channel know how to court affluent consumers looking for deals and new ways to engage with their banking partners.