RBC FINANCIAL: CUSTOMER PROFITABILTY AND CUSTOMER RELATIONSHIP MANAGEMENT Executive Summary Banking is a tricky field. Far from being the neighborhood place where one stores his/her money, banks are responsible for moving money through the economy. One of the largest banks able to do this in Canada is RBC Financial Group. The company has the largest market share in Canada and has pioneered a lot of wonderful banking things, such as online banking. However, as with any situation, more can be done to spur customer loyalty and to bring new ones on board. Many banks find there are six steps to creating and maintaining customer loyalty, and one of those steps involves winning the customer’s heart and mind. Another is understanding customer needs. When it comes to moving in this direction, the recommendation is to install a CRM system that stores customer information as well as customer preferences to help RBC target the right information to the right customer. Additionally, it’s important that the bank listen to the customer and his/her needs or wants. Feedback is essential in this scenario. Finally, when it comes to implementation, care must be taken that both staff and customer understand the CRM, what it’s used for, and how it will benefit the people involved. Introduction Once upon a time, running a bank was a fairly straightforward process. One accepted money into deposits, then put the money to work by lending it out to others, at interest. These days, however, banking involves more than loans to the neighbor for her new house, or a savings account of $10 opene