The Royal Bank of Canada (RBC) saw a 50% year-over-year spike in usage of its digital financial advisory tool for its fiscal year ending Oct. 31.

The $1.3 trillion bank’s MyAdvisor digital platform has nearly 3 million users, up from slightly more than 2 million users at the same time last year, said RBC President and CEO David McKay during Wednesday’s fourth-quarter earnings call.

Launched in 2017, MyAdvisor is free to the Toronto-based bank’s clients and allows users to review their financial plans and meet virtually with financial specialists. It connects banking, savings, investment and loan accounts — including those outside RBC — within a single view, helping users develop savings plans, test different cash flow and expense scenarios, and arrange video chat, phone or in-person meetings with financial advisors.

The gains in MyAdvisor use come after the bank made investment in such digital tools a priority.

“In terms of technology, this is one area that we continue to invest, we’ve been investing in through the pandemic and I would say that’s what we’re focusing on going forward,” Nadine Ahn, RBC chief financial officer, said during the call. She noted that with this type of spending, the bank is focused on optimization, productivity and efficiency gains.

McKay struck a similar chord. “As we continue to invest in our core businesses and strategies, we’re committed to running our bank efficiently and driving improved productivity,” he said. “We also continue to invest in digital tools and capabilities to enhance the client experience and the productivity of our sales team.”

RBC’s non-interest expense was $5.13 billion for Q4, an 8.7% increase from $4.72 billion in Q4 2020. That was partly due to staff-related costs as well as technology spend, Ahn said.

The bank doesn’t break out technology spend, but in its earnings report partly attributed a $62.4 million drop in personal and commercial banking income from the third to the fourth quarter to “lower card service revenue and the timing of professional fees as well as higher marketing and technology-related costs.”

Technology and equipment costs similarly came into play in the bank’s expenses reported earlier this year.

RBC expects annual expenses will grow “at the higher end of the low single-digits range,” Ahn said, driven by inflationary pressure and investment in growth initiatives, but this will be offset by the bank’s focus on driving efficiencies and productivity gains.

The bank’s total assets grew to $1.3 trillion, up from $1.2 trillion YoY. RBC reported net income of $3 billion and total revenue of $9.6 billion for Q4, up 19.9% from net income of $2.53 billion and 11.6% from total revenue of $8.65 billion for Q4 2020.

For the year ended Oct. 31, RBC reported $12.5 billion in net income and $38.7 billion total revenue, a 40.3% increase from net income of $8.92 billion and 5.3% increase from total revenue of $36.80 billion for the prior year.