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To Hit Home, Put Clients First

If you are entered in the Next Great Innovator Challenge, it’s a good idea to do some homework on RBC Financial Group. In order to develop a final submission that resonates with RBC judges, you should really try to understand what makes the organization tick. A good place to start is with the company vision and values. The vision is powerful and focused:

“Always earning the right to be our clients’ first choice”

As an RBC employee, I can tell you that this is more than a statement that gets printed in annual reports or on posters that hang in company meeting rooms. The vision guides the daily efforts of all RBC employees, whether they provide services directly to clients in a branch or contact center, or they work in corporate functions ranging from human resources to technology.

If you propose an innovation with the potential to delight clients, I think you stand a good chance of impressing the judges in this competition. Figure out what clients want from their financial services provider and you’ll be on your way. Deepen your understanding of client needs and you’ll generate ideas that truly strike a chord.

To uncover valuable client insights, use the same techniques employed by market researchers:

Ask questions – Sometimes the direct approach is best. Poll your family and friends about their financial needs. Almost everyone has used banking, investment or insurance services at some point in their lives – they are immediately qualified to provide suggestions. Keep your questions open-ended in order to avoid leading respondents down a particular line of thought.

Observe behaviour – Asking questions can be very useful, but to uncover latent needs you have to observe client behaviour in real-life situations. Watch how people pay for goods at department stores, fast food outlets, gas stations or vending machines. Do they fumble with purses and wallets? Look over their shoulders nervously? Keep others waiting while counting exact change? How would you design a payment system to alleviate these problems?

Observations made in the field this way are the basis of a research methodology known as ethnography. Whether you use this method or rely on simple questions, stay focused on the client and you can’t go wrong.

Posted by Nelson T. on December 10, 2006 10:58 PM

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