Marketplace

It's been said that corporate responsibility isn't so much about how a company spends its money, but how a company makes its money. At RBC, we believe that our first duty is to operate with integrity for our clients, earning their trust in every transaction, in every part of our business.

Our priorities for the marketplace include ensuring that we:

• Develop and provide financial products and services in a responsible manner. See Product Responsibility.
  
• protect and educate consumers about financial matters. See Consumer Protection.
  
• provide access to basic banking services. See Access to Banking.

2008 Performance Highlights

• RBC now offering telephone service in any language. More.

2007 Performance Highlights

• Introduced a number of low-carbon banking options for consumers.
  
• Became the first bank to offer Canadian investors the option of socially responsible investing.
  
• Launched a new Phishing Resource Centre to help protect against online threats.
  
• Upgraded most of our retail and branch banking machines (ATMs) with anti-skimming devices, deterring would-be criminals from placing fraudulent skimming devices over the ATM card slot.

Issues

• Research tells us that clients seek "green" products and services, but the true market demand and financial viability of these products is still unknown. RBC introduced a number of low-carbon banking products and three socially responsible investment funds in 2007, and we are conducting research to assess the value of introducing additional ones.
  
  
• The dramatic rise in clients' use of online, telephone and ATM banking over the past few years is associated with increased risk of fraud and security breaches that are outside our control. We mitigate that risk with stringent practices, education and online guarantees that protect our customers.
  
  
• In Canada, federal regulations are in place to ensure that people are able to obtain a basic bank account. RBC respects these regulations and we go further by facilitating access to banking through specialized programs, products, services and locations for traditionally underserved groups.
  
  
• In the United States, subprime mortgage lending became an issue for certain homeowners and financial institutions in 2007. RBC does not originate subprime mortgages and for more information on our exposure, see page 43 of our 2007 Annual Report.

Client Satisfaction

RBC has a fully embedded client loyalty strategy, of which client satisfaction is the end goal. Our strategy includes three parts: organize the company around clients; make it easy for employees to serve clients; and increase client loyalty. We have a well-established customer satisfaction research program to measure client loyalty on a regular basis. This measure is tied to employees' performance management and customer satisfaction training.

We set and monitor quantitative targets to improve customer satisfaction and loyalty. Our extensive research evaluates all drivers of client loyalty and satisfaction, including how RBC compares to our key competition.

Responding to Feedback

They say what gets measured gets improved. Every year, RBC businesses track client satisfaction and use feedback to make improvements. Client research helped provide direction for new initiatives or improvements in our Canadian retail banking operation, such as:

• Environmentally responsible product options
  
• A simplified line-up of savings and chequing accounts with enhanced customer benefits
  
• A high-interest online savings account
  
• Business banking packages for small businesses
  
• Marketing and communication materials, enhanced for greater relevance and plain language
  
• More branches opened and more customer-facing staff placed
  
• Simplified, plain language mortgage renewal options
  
• Simplified processes for creditor insurance including the Introduction of tele-underwriting, making it faster and easier for clients to qualify for insurance
  
• A general needs-assessment tool on rbcinsurance.com to assist consumers in assessing their insurance needs
  
• A simplified critical illness insurance product and an enhanced critical illness recovery plan that addresses future client needs
  
• Revised underwriting limits for creditor insurance on mortgages.

An independent study of Canadians conducted in 2007 by a leading market research firm ranked RBC first among the country's five major banks for the service we provide clients in branches. The survey by Synovate also gave RBC top honours by ranking it number one in the "value for money" category.

back to top