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CRM Case Study: The Analytics That Power CRM at Royal Bank [of Canada]

Product Type: Market Research Report
Published by: TowerGroup
Published: January 2001
Product Code: R301-559
Description
Royal Bank [formerly Royal Bank of Canada] employs sophisticated analytics as it pursues its business strategy of customer relationship management (CRM). Given the size and breadth of the bank, analytics provide a firm foundation that allows bank employees to gain insights into what consumers want and need from their financial institution.

This case study looks at how Royal Bank has enhanced its analytical capabilities while pursuing its CRM vision. Financial services institutions reading this study will gain an overview of how Royal Bank uses analytics to make the bank more responsive to customers-enhancing the customer interaction regardless of touch point.

The Research Note reviews the general CRM framework at Royal Bank and then hones in on the business drivers that have helped the bank refine its analytical capabilities. Since analytical techniques have varying degrees of efficacy depending on the business problem under consideration, the Note also reviews the major techniques currently in use at Royal Bank.

Table of Contents
Highlights

Introduction

Background

  • Technologies Driving CRM

    Overview of Royal Bank's Environment

    CRM at Royal Bank

  • Addressing Cultural Issues
  • Aligning Business Processes for CRM
  • Implementing CRM-related Technologies

    CRM Analytics at Royal Bank

  • Staffing of Strategic Marketing Research and Analytics
  • Early Analytical Efforts
  • Current Business Challenges
  • Building Individualized Customer Relationships
  • Analytical Techniques for CRM
  • Decisioning Capabilities

    Conclusion







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