Harvard Case Study
2011
RBC Financial group
LESAGE Quentin SUBIRANA Paul
[CUSTOMER PROFITABILITY AND CUSTOMER RELATIONSHIP MANAGEMENT AT RBC FINANCIAL GROUP (ABRIDGED). ]
[Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.]
1) Evaluate RBC’s customer strategy.
Unlike most banks, RBC Royal Bank has well understood the need to leverage the economic value of customer information for many years. Since the late 1970’s, the bank has searched for and found innovative ways to use its customer data to improve its business performance and how to better serve clients.
The CRM data system developed by RBC could capture millions of daily client transactions; the final goal is to serve the customer at the individual level. This RBC’s vision was confirmed by a study realized in 1997 which revealed that customers wanted banking where they were:
Well understood, their needs anticipated and their business was valued. In this Environment, mass marketing to huge customer segments simply wouldn’t work.
In order to realize these thinks, the bank developed new analytical techniques in order to offer more one to one service (applying database marketing techniques at atomic level). Due to an aggressive competitive environment and all the market’s changes the Royal bank has reached the conclusion that differentiation depends on its ability to realize CRM and to build a unique relationship with each individual client.
First steps to become Customer-oriented.
The customer strategy developed by the financial group start in 1997 with a study witch said that RBC was not delivering what clients really wanted. In fact this study shown that customers want to be treated as individuals, have the feeling that the bank knows them, to have their needs anticipated and to have the
RBC Financial group
LESAGE Quentin SUBIRANA Paul
[CUSTOMER PROFITABILITY AND CUSTOMER RELATIONSHIP MANAGEMENT AT RBC FINANCIAL GROUP (ABRIDGED). ]
[Type the abstract of the document here. The abstract is typically a short summary of the contents of the document. Type the abstract of the document here. The abstract is typically a short summary of the contents of the document.]
1) Evaluate RBC’s customer strategy.
Unlike most banks, RBC Royal Bank has well understood the need to leverage the economic value of customer information for many years. Since the late 1970’s, the bank has searched for and found innovative ways to use its customer data to improve its business performance and how to better serve clients.
The CRM data system developed by RBC could capture millions of daily client transactions; the final goal is to serve the customer at the individual level. This RBC’s vision was confirmed by a study realized in 1997 which revealed that customers wanted banking where they were:
Well understood, their needs anticipated and their business was valued. In this Environment, mass marketing to huge customer segments simply wouldn’t work.
In order to realize these thinks, the bank developed new analytical techniques in order to offer more one to one service (applying database marketing techniques at atomic level). Due to an aggressive competitive environment and all the market’s changes the Royal bank has reached the conclusion that differentiation depends on its ability to realize CRM and to build a unique relationship with each individual client.
First steps to become Customer-oriented.
The customer strategy developed by the financial group start in 1997 with a study witch said that RBC was not delivering what clients really wanted. In fact this study shown that customers want to be treated as individuals, have the feeling that the bank knows them, to have their needs anticipated and to have the