RBC Financial: What aspects of RBC's business environment changed leading them to consider a new strategy?

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RBC FinancialWhat aspects of RBC's business environment changed leading them to consider a new strategy?
RBC, Canada's largest banking institution, faced little competition in an oligopolistic financial services market, but deregulation, increased high competition, and the internet or technology changed the banking industry landscape. The banking industry was undifferentiated, and large Canadian banks had "friendly competition", but deregulation and the new entrants made the sector highly competitive (Narayanan and Brem 3). Canada's banking market attracted non-traditional banks that offered specialized services. RBC adopted a Customer Relationship Management (CRM) tools and showed the bank was suffering huge losses in personal checking accounts (Narayanan and Brem 1).
What is RBC's strategy and perceived core competencies? What is RBC's plan to increase
the sustainability of its core competencies?
RBC focused on customer relationship management (CRM) and customer profitability tools to gain competitiveness and target customers through effective customer management and marketing. The CRM tools provided an overview of customer information, which was ne...