RBC On Campus

A new, trendy-looking space has popped up on campus, complete with contemporary seating, throw pillows, and a gallery wall. Located next to Starbucks in The Agora, you might be surprised to discover this space is actually home to the Royal Bank of Canada. Whether you are stopping in for financial advice or simply passing by to grab a coffee, you will receive a warm greeting from Nimarta Gill, Banking Advisor Intern, or Kenna Stanley, Assistant Branch Manager Advisor. The Argus spoke with Stanley to find out what services RBC has to offer students at Lakehead University and to get some sound advice on paying back those soul-crushing student loans. 

The Argus:  What was the idea or philosophy behind bringing RBC into LU?

Kenna Stanley: There is an authentic alignment in philosophy between Lakehead University and RBC.  Lakehead University’s vision, “To provide a transformative university experience that is far from ordinary,” really speaks to our higher purpose and the role we are seeking to play on campus. 

We are guided by RBC’s Purpose of helping clients thrive and communities prosper.  Powered by RBC Future Launch, our campus vision is to integrate RBC within the university community as a trusted partner in financial wellness, banking convenience and beyond banking, establishing a foundation at a key life stage for a lifelong partnership.

We at RBC are reimagining how we connect with and support Canada’s young people. 

We have three key objectives here at Lakehead University:

·        To provide a relevant and welcoming hub for financial literacy and banking convenience for the campus community.

·        To empower students on their path to independence, with knowledge, tools and strategies for future career success.

·        To connect to the university community and provide value beyond financial services from student life to wellness.

The Argus: Is this initiative happening in other universities in Canada? 

KS: We are proud to be present at 17 university and college campuses coast to coast. 

The Argus: What kind of services do you offer?

KS: We are excited about our eventual move into our permanent space and yet at the same time are enjoying meeting and engaging with students and employees of the University in our temporary pop-up space.

The RBC on Campus Meeting Place means different things to different people. 

For some, this is a collaborative work space for shoulder to shoulder advice and conversations while also serving as a digital-first, open-concept space.  For others, this is an environment for the education and enabling of students on a wide range of topics from financial wellness to preparing for the future world of work in a welcoming space.  This space is also designed for student use for events, club meetings or to sit, relax and recharge.

What all of these services have in common, is that the RBC on Campus Meeting Place will serve as a gathering place for the staff and students of Lakehead University.

In addition to this, beyond our location, we are excited to be partnering with different groups on campus where they already gather.  For example, recently we delivered a workshop on Personal Branding and preparing for the future world of work in the vibrant Career Services space here on Campus. 

We not only provide one-to-one advice, we also deliver engaging seminars and workshops on everything from managing your finances, to career advice and being healthy in body and mind. 

It is partnerships like these that remind us of the special culture that Lakehead University curates and offers to its students and faculty. 

The Argus: Have you seen a lot of students since opening? 

KS: We are deeply moved by the wonderful reception of both staff and students to the Lakehead University family.  Many students continue to drop by to say hi and to ask a wide range of different questions on their financial wellness and their future careers.  

We have also enjoyed developing deeper relationships with other organizations present on Campus from our friends, the team at Starbucks, located next door to our temporary space to the many student organizations found throughout the campus. 

The Argus:  Are there any common concerns students have been bringing? 

KS: We recognize that every student has unique needs and so we tailor our advice to each individual.  We also recognize those questions and inquiries will change and evolve based on the timing of the year from tax season to student loans to preparing for the holiday season. 

Currently, we are hearing questions about international banking and solutions to support international banking needs. 

Students are also bringing by questions on their account statements regardless of who they have chosen to bank with.  We are helping them understand their statements and how to make important financial decisions for their own financial wellness.

Students are also recognizing our role in helping prepare them for the future world of work and so we have students bringing by their resumes for some feedback or asking questions about interviewing skills or our many workshops and seminars.    

The Argus:  What advice do you have for students trying to save for their future and pay off their student loans? 

KS: My advice centres on having a plan. 

That begins with meeting with an accredited financial advisor to ensure a plan tailored for each individual. 

Second, it is important to build a budget that helps prepare students for today, tomorrow, and down the road.  While it matters having a budget that enables the managing and paying back credit card or loan debt, it is also important to ensure that a budget is flexible to enable students to participate in those activities that they enjoy participating in in their free time.  For some, that may include setting aside funds for movies, shopping, concerts, or even travel back home or to a warm destination during reading week. If a budget is too restrictive, it can be difficult to stick to it.

Many financial institutions, including RBC, have online budget solutions within online banking that already capture and categorize spending habits.  Students can leverage these tools to more easily build a budget meaningful for them.

Third, it’s important to manage our debt at the cheapest cost possible.  Some of us may have overdraft on our accounts, credit cards, credit lines, other loans such as student loans, and even credit cards from different stores.  It is important to consider which products have the lowest interest rates and move debt around to ensure we are reducing interest costs.

But it all begins with a conversation with an accredited financial advisor.