Modernizing banking and financial systems through customer feedback
Modernizing banking and financial systems through customer feedback
Insight

Modernizing banking and financial systems through customer feedback

RBC embraces a customer-first methodology to revolutionize Canada’s banking systems and capitalize on consumer loyalty.

When it comes to customer experience, the banking sector is playing catchup. Retail and transportation have long focused on customer satisfaction to foster loyalty. Taking a page from their playbook, the Royal Bank of Canada (RBC) went directly to the customer – and KPMG – to revolutionize and modernize its payment system.

Using KPMG’s U-Collaborate (UCE) facilitation methodology, we set up workshops with RBC and its customers to help the bank realize its technological potential and foster its customers’ business potential. The majority of the sessions consisted of RBC listening to customer experiences. Then, the two parties worked together to create convenient, effective and flexible payment solutions that would be mutually beneficial. KPMG also invited industry advisors from the payments, insurance and fintech sectors to attend and explore the technological implications and possibilities of a new payment system infrastructure.

At the end of the workshops, RBC management discovered how to enrich their customers’ business processes, address fiction points and meet their own emerging business needs.

KPMG’s collaborative sessions helped RBC attain:

  • a clear understanding of payment modernization and its implications for the bank, its customers, its competitors and the country as a whole;
  • exclusive use-cases to map the customer journey;
  • the opportunity to co-design prototype capabilities to modernize the customer experience in banking and finance;
  • actual customer experiences and critical feedback to aid in future customer-centric developments; and
  • the possibility of developing products that can be piloted in a broader program and introduced to market.

KPMG’s global experience and financial sector expertise, alongside critical feedback and advisor recommendations, helped RBC to determine how to modernize Canada’s payment system and create a customer service experience worthy of consumer loyalty.

Learn more about how KPMG unlocked RBC’s potential to modernize its payment systems here, and download the full story here. Find out how KPMG can help assess risk strategies and compliance by reading “Keeping up with shifting compliance goalposts” here.