RBC recently launched the new RBC Vantage to offer clients more value every day. The new offering allows clients to use their personal debit cards to earn RBC Rewards points and save on monthly account fees. The product also features an interactive tool for both clients and advisors for enhanced support.
"We've been on a journey over the last few years to better understand what our clients need from their everyday banking experience, and during the pandemic, we have intensified our efforts to meet these needs," said Neil McLaughlin, Group Head, Personal & Commercial Banking, RBC. "With RBC Vantage, we've built upon the best of what we do and have innovated our everyday banking offering to give our clients a seamless experience that offers even more value, strengthens their confidence in making critical financial decisions, and continues to earn their trust."
Value-Adding Banking Points
RBC Launches New RBC Vantage To Offer More Value to Clients
Trend Themes
1. Value-adding Banking - RBC Vantage provides an example of value-adding banking for clients through the use of personal debit cards to earn rewards points and save on monthly account fees.
2. Enhanced Customer Experience - RBC Vantage incorporates an interactive tool to offer both clients and advisors enhanced support, providing an opportunity for financial institutions to differentiate themselves through technology-driven customer experiences.
3. Data-driven Personalization - As financial institutions strive to understand their clients' needs, there is an opportunity to leverage data to offer personalized products and services, as demonstrated by RBC Vantage's focus on providing more value for everyday banking needs.
Industry Implications
1. Banking - Financial institutions can explore value-adding banking strategies, including the use of rewards programs and interactive tools, to differentiate themselves in an increasingly competitive landscape.
2. Fintech - Fintech companies can focus on leveraging data and technology to provide enhanced customer experiences and personalized products and services, similar to RBC Vantage's data-driven approach.
3. Customer Relationship Management - RBC Vantage demonstrates the importance of understanding and meeting clients' needs through data-driven personalization and value-adding strategies, highlighting opportunities for the customer relationship management industry to leverage technology to better serve clients.