Before
The 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 a self-service online model.
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After
RBC customers now open more than 2,000 secondary
accounts online each month with immediate access.
The process saves customers 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 a customer perspective, opening a bank account
should not be a major ordeal, but from a bank’s
perspective, the reality is that account management
is a very complex process.
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.
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