RBC Royal Bank of Canada - Financial Products & Services Campaign
Company: RBC Royal Bank of Canada, Toronto, ON, Canada
Company Description: RBC is Canada's largest bank and one of the largest banks in the world. We have over 80,000 employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 35 other countries. RBC has been the recipient of the Global Retail Banker of the Year Award in 2015, 2016 and 2017 and named one of the"Best Workplaces in Canada".
Nomination Category: Marketing Campaign Categories - Industry
Nomination Sub Category: Marketing Campaign of the Year - Financial Products & Services
Nomination Title: RBC Personalized Mortgage Welcome Video Program
Tell the story of this nominated marketing campaign for the judges (up to 650 words). Describe the genesis, planning, execution, and results to date of your campaign.
The rate of change in the consumer marketplace continues to accelerate with many market forces and disruptors shaping this change. We’re competing in an attention economy. Client expectations and experience benchmarks continue to dynamically change and reset as best in class organizations (e.g. Amazon, Uber, Apple, etc.) innovate to make their services highly relevant, engaging and frictionless.
In 2016, for the first time ever, the world’s media consumption on mobile devices was greater than TV consumption1. In 2016, video officially became a pillar of Facebook’s quarterly earnings report2. Every day, 8 billion videos are watched on Facebook2 and over 1 billion hours of video are watched on YouTube3. By 2018, video will account for 80% of all web traffic1.
Despite the unprecedented changes we are seeing in client behaviours, RBC was still using traditional, old-school paper-based direct mail packages (generic letter and brochure) to welcome new mortgage clients. In the past 10 years, millions of dollars had been spent using generic paper welcome kits which generated only several hundred phone calls.
With first impressions being lasting ones, it became clear that our traditional bank approach was disconnected and not lining up to client’s expectations. The paper process was outdated, expensive and unengaging. We needed to pivot.
We asked ourselves - how do we digitize the new mortgage client welcome experience and still maintain a human connection?
So, we set some lofty goals:
-Transform the client experience.
-Support RBC’s broader strategic goal to be more digitally enabled relationship bank.
-Increase engagement amongst new mortgage clients.
-Optimize the experience based on client feedback and results.
We’re in an age where personalized customer experience is now mandatory. So, we re-imagined the mortgage client experience and re-defined it into one that was digitally-enabled, highly personal and measurable.
The one-line key insight
Customer journey mapping insights and research around the new mortgage account open process uncovered the critical unsolved pain points and needs amongst mortgage clients – there was no genuine personalized acknowledgement of their business or loyalty once we had their mortgage business.
The one-line idea: Deliver a digitally-enabled client experience that is highly personalized and measurable.
Banks are largely matrix-managed and programs are implemented through large cross-functional teams. This program required significant collaboration from both the cross-functional team and a wide variety of folks in departments that Marketing does not typically engage with.
The first thing we did was to shift from paper to a digital channel - email. By doing so, we saved ~40% of our annual program budget.
We re-allocated the savings to pilot a cloud-based, personalized welcome video platform.
This capability enabled us to pull individual client data dynamically into a video that generates in real-time in a secure cloud.
Video scenes are personalized based on the client’s data enabling us to deliver a true 1:1 message.
For example, if we know the client already has mortgage insurance, we can suppress those scenes from being played for that individual client.
We delivered a net new data platform to enable the 1:1 data personalization for any product group or line of business at RBC.
We kept the paper welcome kits for those clients who didn’t have an email address on file. We re-designed them to gain cost efficiencies in production and postage costs.
We used an online survey to collect client feedback which we are using to optimize the video and our results.
The personalized video is delivered by email and plays upon the client clicking on the video link. The data architecture pulls the client's data into the video and plays back for the client in real-time (within 2 seconds), each time the video link is clicked.
Reactions to the personalized welcome video from clients and our sales force whose goal it is to nurture client relationships have been very positive.
1. Global Mobile Forecasts, 2016-2021, Cisco
In bullet-list form, briefly summarize up to ten (10) of the chief features and results of the nominated campaign (up to 150 words).
-RBC has successfully re-engineered the mortgage welcome program to generate sustainable annual cost savings and dramatically improve the client experience - a giant leap forward for RBC. What's more, the program has resulted in very strong results on virtually all key metrics.
-50% increase in email open rates
-10X increase in email click-through rates
-93% engagement rate (% of clients who watched the video)
-5X higher completion rate for the online survey presented post-video
-80%+ of clients had a more favourable opinion of RBC
-Annual program costs were ~50% lower
-Furthermore, the personalized videos were the first to use our digital visual brand standards. The style and format of the video was well received by our brand and marketing teams, and delivered the messaging in an engaging manner all while staying true to our brand.
-Finally, based on our success, 10+ personalized videos for other areas are in the works!