This introduction to an upcoming conference speech by Art D’Silva at the Royal Bank of Canada, is indicative of why they are both number one in Canada, and why their results have been so strong.
“RBC Royal Bank’s emerging business direction and customer strategy was confirmed by a 1997 study that challenged conventional thinking. The study revealed that customers wanted a banking relationship where they were well understood, their needs anticipated, and their business was valued. To RBC Royal Bank, the future became clear: the bank would find ways to be increasingly responsive and client-focused in a competitive environment where banking services were largely undifferentiated. This meant establishing an aggressive, one-to-one customer vision, supported across the organization by an enterprise data warehouse. This EDW has enabled RBC to achieve a true, sustainable advantage by successfully integrating client information and sales processes across all channels and technology platforms into a comprehensive solution for their clients’ no matter where, when, or how they interact with the bank.”
What is interesting though is that their market share has been slipping over the last 18 months in certain product groupings. If the current strategy was formulated in 1997, then it will be interesting to see how it has evolved.
1-1 marketing sounds limiting in todays world, with the evolution of Internet/ social network driven 1 to many. The notion is grounded in peer advice complementing and replacing advice and suggestions from the customers institution as brand trust falls, and peer trust increases.
Relevance to Bankwatch:
A question exists as to the future marketing model. This needs more thought and discussion for banks, most of whom have not mastered 1-1 marketing, so the opportunity to leapfrog the competition exists.
- mass marketing
- 1-1 marketing
- 1 – many marketing
- other choices?
tags: 1to1+marketing, rbc, marketing
Bankwatch 