A Custom Web-based Platform for Enhanced Financial Planning for The Largest Bank in Canada – RBC (Royal Bank of Canada)
A platform that streamlines communication between bank advisors and their clients and helps them to manage their personal and financial data.
A platform that streamlines communication between bank advisors and their clients and helps them to manage their personal and financial data.
Platform
Web, Mobile
Industry
Banking and Finance
Type
Web portal / Hybrid App / SaaS
Technology
Angular, HTML5, Typescript, Java, Spring Boot
Methodology
Agile Scrum Methodology
Our Client
Royal Bank of Canada is a Canadian multinational financial services company and the largest bank in Canada by market capitalization. The bank serves over 20 million clients and has more than 100,000 employees worldwide. In 2023, the company was ranked 38th in the Forbes Global 2000. RBC has operations in Canada and 36 other countries and had CA$1.01 trillion (about $3,100 per person in the US) of assets under management in 2021.
RBC is known for its financial strength, market leadership, and philanthropic work. It is the 8th largest bank globally and the 5th largest in North America, as measured by market capitalization.
Client’s Challenge
RBC embarked on the ambitious endeavor of creating an enterprise-grade web application, MyAdvisor, to address specific complexities in fostering enhanced interaction between bank advisors and clients. The primary challenge faced by Royal Bank of Canada was the development of a sophisticated user interface that seamlessly integrated with existing Outlook and legacy IBM systems. The overarching goal was to establish a comprehensive platform capable of offering a detailed overview of clients’ financial data.
The complexity further heightened as the envisioned platform, MyAdvisor, was designed not only to facilitate discussions between advisors and clients but also to streamline the management of personal and financial data. This intricate task required careful consideration and integration with various systems, ensuring a cohesive and efficient flow of information. The integration also extended to providing guidance on investing in RBC mutual funds, adding an additional layer of functionality to the platform.
Our Solution
In addressing the multifaceted challenges faced by Royal Bank of Canada (RBC) in the development of the MyAdvisor platform, a comprehensive and innovative solution was crafted by assembling a team of experts proficient in modern technologies.
1. Contemporary UI Development:
To meet the objective of creating a sophisticated and user-friendly interface, our development team leveraged modern technologies, including HTML5, SAAS, Angular 2, and Java 1.8. This ensured adherence to contemporary design standards, enhancing the overall user experience for both clients and advisors.
2. Appointment Feature Solutions:
Scheduled Appointments: To integrate scheduled appointments seamlessly with Outlook and legacy IBM systems, our development team implemented a solution that involved real-time availability checks. This not only facilitated efficient appointment booking but also ensured compatibility with existing systems.
Instant Video/Audio Calls: Recognizing the need for immediate communication, a separate solution for instant video and audio calls was implemented. This feature enhanced the platform’s versatility, allowing clients and advisors to engage in real-time discussions effortlessly.
3. Utilization of Modern Web Technologies:
To effectively manage client data and ensure the platform’s scalability, the development team embraced the latest web development technologies. This strategic use of tools such as HTML5, SAAS, Angular 2, and Java 1.8 played a crucial role in achieving robust functionality and security.
4. Enhanced Communication Features:
Overcoming the challenge of facilitating phone or video appointments, the solution incorporated robust communication features that met the high-security and privacy standards expected in the financial industry. This included encryption protocols and secure channels to safeguard sensitive information during client-advisor interactions.
5. Multi-Functional Features Implementation:
The development of MyAdvisor successfully integrated a range of features catering to both clients and advisors. The onboarding process, client dashboard, and appointment booking for clients, along with a dashboard overview and document management for advisors, were seamlessly incorporated. This ensured a cohesive user experience and streamlined the management of personal and financial data.
By successfully implementing these solutions, RBC not only met the outlined objectives but also positioned MyAdvisor as a cutting-edge web-based platform. The contemporary design, robust functionality, and seamless integration with existing systems underscored RBC’s commitment to innovation in digital financial services and significantly elevated the interaction between bank advisors and clients. The MyAdvisor platform emerged as a testament to RBC’s ability to overcome challenges and deliver a transformative solution in the financial technology landscape.
The Outcome
MyAdvisor’s innovative solutions were met with widespread adoption and acclaim within RBC, notably during the COVID-19 pandemic, where its scheduling system enabled clients to consult with advisors through live video streams. Over two years, the platform attracted approximately 1.7 million clients, significantly boosting RBC’s mutual fund investments and contributing to revenue growth. The appointment solution’s success extended beyond its initial scope, gaining traction across various bank teams. MyAdvisor’s seamless integration not only simplified client processes but also showcased RBC’s prowess in digital financial services, solidifying its position as a leader in the industry.
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