Royal Bank of Canada

Topics: Bank, Marketing, Customer Pages: 2 (464 words) Published: February 5, 2013


1. Richard McLaughlin: VP of Customer Relationship Marketing and Information Management 2. Kevin Purkiss: Senior Manager, Customer Value Analytics 3. James T. Rager: Executive VP for Personal Financial Services 4. Gaétane Lefebvre: VP of SMR&A

5. Jamie Reich: Account Manager for Investments


Good News:
1. Customer, customer segment, and product profitability numbers were more comprehensive and accurate than with the Bank’s old profitability model Bad News:
1. Precise numbers clearly showed major losses in the Bank’s personal checking accounts 2. Bank is struggling with 7th out of 8 ranking in financial institutions Issue:
How can the bank derive value from CRM and customer profitability with the data that the bank has acquired about the customers? III. CURRENT ENVIRONMENT
a. Friendly competition between 6 largest Canadian banks b. Insurgence of Foreign Banks
i. Could rival/exceed their own resources
c. Internet start-ups
ii. Threatened to eat away personal and small business accounts d. Canadian banking industry split into two groups:
iii. Consumer-facing financial institutions
iv. Transaction processing specialists
e. Competitors (Differentiation point: how they focus on customer needs) v. TD Canada Bank (full service)
vi. Nova Scotia (retail multi-national bank)
vii. CIBC (largest credit card issuer)
viii. ING Bank of Canada (virtual bank; no worries about maintaining infrastructure) ix. White-labeling (use of bank services by non-bank companies; eg. Loblaw’s supermarket) IV. DEVELOPING CRM PHILOSOPHY

f. Focus on the customer
g. Bringing together all contacts, transactions, accounts, and interactions with each customer h. Success with companies using CRM are those that created ongoing repeat purchase relationship with their...
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