Harvard Case Study

Customer profitability was a determinant used for segmenting and targeting, studies were done on customers’ likes, dislikes and types of products they would benefit from and models were developed to determine their propensity to buy.

The following report will further examine the RBC Royal Bank brand, critically examining two promotional examples and how it uses IMC tools and channels to achieve their positioning. RBC Banking has successfully positioned itself as a friendly, approachable bank successfully reaching out to people who are in a more established stage in their life. This older demographic consists of people or couples who are ready to buy a house or attain a mortgage, going to make a large investment or looking to invest. Despite a more older generation as their primary target audience, they have made significant efforts to appeal to Millennials with targeted advertisements and promotions. As previously in the Positioning Analysis, the connection between

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RBC’s strategy of pleasing everyone, by fitting in with their needs or expectations is not sustainable over the long-run. Sustainable competitive advantage happens once a firm has awestruck a strong market niche in which a differentiated set of products and services serve a select client sector grater. RBC’s strategy of serving all niches cannot be successful in the long-run. RBC is providing a range of products or services in one place by leveraging its acquisitions to become a totally integrated financial

At the time where competition became a reality for banks, Jyske Bank decided to make a major personality transformation from a traditional bank to a unique and different one. The new concept emerged from the values of society and the changing economy, and its main goal was to make banking more fun and less pretentious. This report will discuss the case study of “People, Service & Profit at JYSKE Bank” and will provide a detailed analysis of their marketing mix and how they modernized the 7 P’s to suit the changing customer needs.

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From an operational viewpoint, banks are trying to incorporate technology in their product offerings, such as advanced banking and financial-related mobile applications. Innovations are made with the assistance of learnings from customer information and data analysis, which are an essential part of analytical CRM. The strategic view also suggests that banks are building a social presence on online platforms to enhance customer engagement and build a long-term relationships with their customers. The above approaches can clearly be identified when looking at CBA and NAB customer relationship management strategies. With its high-tech ATMS and state-of-the-art Commonwealth mobile app, CBA has full product leadership in the market, enabling them to have a competitive advantage when attracting new prospects or customer retention. On the other hand, NAB use customer intimacy as their core CRM strategy, cutting their product offerings in half and make consumers more centrally focused. They are very responsive in customers' needs and wants; and is the leading brand when it comes to customer

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Accenture (2013) “Banking industry in UK and Ireland faces growing challenge to re-engage customers, according to Accenture survey” [online]. Available from:

CIBC has focused its core business on retail and business banking, wealth management, and whole sale banking. They have shown a proven track record of providing there customers with financial services and advice through a group upwards of 1100 branches worldwide. Strategies CIBC has portrayed is to continually find new ways to enhance the experience of the client and to stimulate safe revenue growth. CIBC has put emphases on creating deep meaningful relationships with all clients, constantly trying new ways to improve service and sales prospects and to create relationships with new clients while retaining existing clients for a long period of time (CIBC).

The Bandon Group has identified several specific sets of information needs. First they must have the ability to analyze existing customer accounts for profitability. The have a need to understand which account they are making money off of and which account represent high volume profits. Second, they must have an effective sales prospecting system. The ability to measure the

1. At the start of the 21st century, RBC was Canada’s leading bank and largest bank in terms of assets and market capitalization. It was a full-service bank with five main lines of business: personal and commercial banking, insurance, wealth management, corporate / investment banking, and transaction processing. The commercial bank of RBC (Royal Bank) accounted for nearly 50% of the company’s net income and had an extensive delivery network with branches, Automated Banking Machines (ABM’s), point of sale terminals, mobile sales staff, and 1.4 million online banking customers and 2 million phone customers. The bank also had an extremely strong international network.

An effective Customer Relationship Management (CRM) program can be used to identify, retain, satisfy and obtain customers by using technology to optimize strategies for understanding customers’ needs to manage business interactions with current, former, and prospective customers. Additionally, CRM also enables companies to maximize internal, external, marketing and customer service operations to better address the needs of the customer building a better relationship with customers that a more profitable. (Ahmad & Buttle, 2001)

The Royal Bank of Canada was founded in 1869; Royal Bank was Canada’s largest financial institution with assets of Canadian$245 billion in September 1997. Royal bank was ranked first or second among Canadian financial institutions in earnings, market capitalization, and in virtually every financial service it delivered. The bank had 10 million personnel, businesses, government, and financial institution clients that were serviced through one of the world’s largest delivery networks. This network included more than 1,600 branches and over 4,000 automated banking machines. In Canada it was selected as number one among all companies regardless of industry in the categories of “Leader in Investment Value,” “Leader in Responsibility” (which measured equality and charity), and “Leader in Financial Performance.” Royal Bank operates to date in over 30 countries and has over 100 delivery units. The bank was strongly represented in the major international financial centers of the world, including New York, London, Frankfurt, Tokyo, Hong Kong, and Singapore. Royal Bank was located through Latin America and Europe. Business clients were offered services in corporate banking, trade financing, treasury services, and

The merging of the customer data from sales and the call center interactions has created the more informed interactions with the customer (Petersen, 2004). The concept rang with the user organizations and mergers and acquisitions created a host of software that the vendors claimed to have an integrated set of capabilities that became known as customer relationship management (Petersen, 2004). Companies wanted to learn more about each and every individual customer and use the information to effectively take care of and manage their relationships, and yet increased customer satisfaction and profit.