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RBC Uses Conferencing for Investment Advice


April 11, 2017

Back when I started college, and was planning to go into finance, get a Series 7 broker's license and start trading, I picked up a copy of Business Week about two weeks into my first business class. That copy of Business Week featured a monkey, a dartboard, and the caption “Who needs a broker?” I changed my major about a half-hour later.  That anecdote demonstrates shockingly well how much the field of investment changes in a very short time, and the Royal Bank of Canada (RBC) recently brought out a change of its own featuring conferencing at its core.

The new system, known as MyAdvisor, allows RBC customers to use some of the most standard conferencing material—live video in particular—to directly connect to advisors as needed. From there, a dynamic dashboard system of sorts allows the newly-minted team to view current savings levels, track investment goals, and determine how best to get from A to B, all on a real-time basis.

Built as part of RBC's innovation lab operations, mostly run out of Toronto but with branches in the United States, United Kingdom and large portions of Europe, the MyAdvisor system was built as the result of direct input from both RBC employees and customers, making it an excellent fit according to the standards of the most likely direct users in both directions. Early response is positive, reports note, as clients like having the ability to readily access help in trading and developing further advancement toward goals.

RBC vice president and head of mutual funds distribution and RBC financial planning Michael Walker commented, “This is proving to be a very powerful financial advice experience for our clients, as they manage their financial goals using our digital capabilities and our advisors' expertise. MyAdvisor demonstrates what being a digitally-enabled relationship bank is all about, combining the convenience of digital access and the personalized advice of our advisors.”

Using conferencing in this way isn't exactly new, though admittedly, not many banks are turning to such strategies to drive a better customer experience and more interest in investing overall. This could be an excellent move, particularly if it extends RBC operations beyond the standard “banker's hours” of eight to five, when a lot of people are already working. We know from growing experience that customers like different ways of getting in touch with businesses—part of the omnichannel customer experience—and a conferencing move like this is a great way to pull some of that interested business forward.

Given that the early reports say this is going well, it should carry on as a value-generator for RBC. Thanks to conferencing, users now have a way to get in touch with the bank much faster, and generate further value in investments.



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