RBC Online Banking Account Opening
| Cognitive Group delivers groundbreaking functionality to RBC Online Banking Site. | |
| Before: Royal Bank of Canada (RBC) was looking for a way to ease the process for existing customers to open secondary bank accounts. RBC struck on the idea of letting customers open new accounts through the online banking portal. With dozens of combinations and permutations of bank accounts, the problem RBC faced was in how to ensure that selection process was simple for customers who would be opening these accounts online without the in-branch assistance of staff.
RBC approached the Cognitive Group to determine how best to transfer a cumbersome manual process to self-service online model.The Cognitive Group reviewed the bank’s requirements and conducted a cognitive analysis with account managers to analyze the decision process they employ in helping customers select a bank account during what is typically a half-hour meeting with a customer. Cognitive then reviewed the business and legal constraints that affect the opening of an account, such as the availability of a signature card at a branch.This decision structure was used to develop an algorithm that could be used for online queries.Then, Cognitive worked to develop a series of online prompts that would guide customers in the shortest, easiest route to complete the task necessary to accomplish the goal of opening an account online and having immediate access to it. |
After: RBC customers now open more than 2,000 secondary accounts online each month with immediate access.The process saves customer’s inconvenience, time and travel costs to go to their branch. RBC saves more than $1.5 million a year through the online process and enhances customer loyalty.
From the customer perspective, opening a bank account should not be major ordeal, but from the bank’s perspective, the reality is that account management is a very complex process.
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