Royal Bank of Canada In Thailand Case Study

RBC stands for the Royal Bank of Canada. It is one of the world’s largest banks and focuses on five major sectors – Personal and Commercial Banking, Wealth Management, Insurance, Investor and Treasury Services, and Capital Markets. RBC’s strategic goals include being the leading provider of financial services in global and targeted markets, and a leading provider of wealth and investor management solutions globally.

The Royal Bank of Canada (RBC, RBC Royal Bank, or RBC Financial Group) is the largest banking institution in Canada. RBC serves more than 18 million clients and has over 80,000 employees distributed all over the world (RBC 2008). The company corporate headquarters are located in Montreal, Quebec, and its operational head office is in Toronto, Ontario. RBC is listed as the largest Canadian company by revenue and market capitalization by The Globe and Mail and was ranked at 50 in the 2013 Forbes Global 2000 listing. The company has operations in Canada, and 51 other countries (RBC 2011). In May 2004, the Royal Bank of Canada experienced a crisis which involved a programming change to an essential piece of banking software. Generally, this is

RBC financial, a full service bank in Canada is facing fierce competition from leading financial institutes and new niche-market entrants after deregulation, the bank is also struggling with its 7th ranking out of 8 among financial institutions in the bank’s internal value for money study.

Throughout history the Canadian and American banking systems have always taken separate approaches to the financial sector. There are many factors that influence the differences between the banking systems, some of which including their banking regulations, customer base and the chosen style of banking. All the factors presented have influenced the results of the banking sectors in both countries. Both systems have pros and cons, however the argument presented will reflect and support the benefits and success of the Canadian banking system and its ability to support the Canadian economy throughout the country’s history.

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.

As Canada’s oldest bank that officially opened for business on November 3, 1817, BMO has been helping its customers and communities for over 190 years, offering them a broad range of personal, commercial, corporate and institutional financial services across Canada and in the United States. It has approximately 16,200 employees and over 960 branches across Canada. As one of the Big Five banks in Canada, it has been passionate to build team strategies and to try new challenges.

CIBC’s Wealth Management sector provides clients who have money to invest with investment and advisory solutions from a team of almost 1500 employee’s throughout Canada. There Strategic Priorities include attracting new clients and deepening relationships with existing clients, seek new clients to source investments, and chase new investments and acquisitions (CIBC).

The history of Commonwealth bank of Australia goes back to 1911when the government laid the foundation of one of country’s major financial institutions. By 1970, the bank has branches all over the country, first bank to introduce Bankcard (1974) and continued upgrading itself through the use of latest computerized electronic systems. Today, the bank has 1010 branches all over the country with 3200 ATMs, over 3800 agencies and the online services provided by bank reaches over 2.5 million customers. (Anon., n.d.)

“The Bank of Canada immediately took over bank note operations from the Department of Finance. Offices of the Receiver General across the country became agencies of the new central bank. The Foreign Exchange and Securities Divisions started work right away, and a Research Division was established to advise on financial developments and business conditions” (Watts, G., & Rymes, T., 1993, p.9). Vardy, J. states in the “The Bank of Canada: An illustrated history” that the Bank of Canada was “privately owned with shares (at a par value of $50) sold to the public. Soon after the Bank began operations, a new government introduces an amendment to the Bank of Canada Act to nationalize the institution. In 1938, the privately held shares were purchased by the government and the Bank became entirely publically owned” (Watts, G., & Rymes, T., 1993, p.9) as it remains today.

CIBC as it is commonly called is the Canadian Imperial Bank of Commerce. It is one of the Big Five banks; a name given to the five largest banks that dominate the banking industry of Canada, it is the fifth largest bank and came into existence as a result of the merging of two chartered banks The Canadian Bank of Commerce (established 1867) and the Imperial Bank of Canada (established 1875) which happened on June 1,1961 and has its head quarter located at commerce court in the city of Toronto, Ontario. CIBC has been able to launch branches all around the country and has also expanded to other countries internationally such as United States, Asia, Europe, Australia among others. It became the first chartered bank to launch a mobile banking iPhone

The Scotiabank is one of the world’s most popular banks in North America and is located in Canada, Halifax. Founded in 1832, Scotiabank came to be the second largest bank in Canada. A year after its development, Scotiabank paid out its first dividend to shareholders. Having marked the method in history, it was carried out through the golden era to the modern era and is yet continued to this day. Scotiabank provides innovative financial products and services to individual customers, small/medium sized business, corporations and governments across the world.

Commonwealth Bank has a strong presence in Australian financial services industry and has the largest customer base of any

The Royal Bank of Canada experienced some fundamental managerial errors in May 2003. It was reported as a major “glitch” that had been caused by wrong configuration during the installation process. A simple problem had severely affected the lives of millions of people. In this essay I will discuss the security and control problems such as the simultaneous upgrade of both the main and back-up systems. This will lead into the strategies management could have used to prevent these problems happening in the first place and what they can do differently in future. I will also explain how management neglected the public relations side of the issue which had customers questioning the reliability and stability of Royal Bank of Canada ultimately

Armstrong’s team used branch-level data from the CSI system as the primary source of research. As a result the concept of “comfortable banking” is directly translated into customers satisfaction during their interaction with tellers in the bank, since almost every criteria in the CSI is measuring representative service behaviors. One thing that the team failed to see is that “comfortable banking” could include a much wider scope of services that customers value therefore consider important to their experience: the products itself and services provided outside the bank for instance. According to Armstrong, “comfortable banking” positioning stands for the branding of the overall experience TD Canada Trust delivers to its clients. The financial products, as the core business of any banks throughout the world, should be counted as part of the service, too.

As Jackie Patrick, loans officer for the Commercial Bank of Ontario, the key issue is whether or not I will accept or reject Mackay’s request for a bank loan and line of credit. My key objective is to develop a thorough understanding of the facts presented in the case in order to make an informed decision that will best serve the interest of the Commercial Bank of Ontario, myself as the newly appointed loans officer, and of course my client Mr. Mackay.