Engaging Clients with Comment Engine: The Importance of Transparency RBC Royal Bank Online Banking - Ratings and Reviews - Jeff Grovestine Senior Manager Online Strategy & Client Experience Royal Bank of Canada

Royal Bank of Canada Royal Bank of Canada, and subsidiaries, operate under the name RBC Canada's largest bank, one of North America's leading diversified financial services companies and among the largest banks in the world Personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services 80,000 full- and part-time employees 18 million personal, business, public sector and institutional clients Offices in Canada, the U.S. and 52 other countries Over 5 million clients enrolled in RBC Royal Bank Online Banking

Royal Bank of Canada, and subsidiaries, operate under the name RBC

Canada's largest bank, one of North America's leading diversified financial services companies and among the largest banks in the world

Personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services

80,000 full- and part-time employees

18 million personal, business, public sector and institutional clients

Offices in Canada, the U.S. and 52 other countries

Over 5 million clients enrolled in RBC Royal Bank Online Banking

Increase online banking enrolments and number of active clients First step towards multimedia approach to engage clients Client centric approach – a breakthrough in becoming more like a retailer in the online world Continue to build confidence in online banking – around for more than 10 years Previously conducted proprietary and 3 rd party surveys Other more recent forays into online social media included P2P – students blogging Successful use of Comment Engine with internal audiences Why Ratings and Reviews? Dynamically updated sidebar widget

Increase online banking enrolments and number of active clients

First step towards multimedia approach to engage clients

Client centric approach – a breakthrough in becoming more like a retailer in the online world

Continue to build confidence in online banking – around for more than 10 years

Previously conducted proprietary and 3 rd party surveys

Other more recent forays into online social media included P2P – students blogging

Successful use of Comment Engine with internal audiences

Asking our Clients What They Think… In November 2008, launched Online Banking Ratings and Reviews using Comment Engine Clients rate the overall online banking service and submit comments via the RBC Royal Bank public website Existing Online Banking clients, non-Online Banking clients and prospects visiting our public website can view an overall rating and a list of verbatim comments submitted by actual users of the service – the good, the bad and the ugly Ratings & Reviews preview banner

In November 2008, launched Online Banking Ratings and Reviews using Comment Engine

Clients rate the overall online banking service and submit comments via the RBC Royal Bank public website

Existing Online Banking clients, non-Online Banking clients and prospects visiting our public website can view an overall rating and a list of verbatim comments submitted by actual users of the service – the good, the bad and the ugly

Online Banking Homepage on RBC.com

Direct Connection with Online Banking Sign-In Page

Online Banking Ratings & Reviews Page

Launch Comments moderated An in-house moderator responds to client comments when there is a call to action in the review Clients very receptive right from the initial launch Within the first month over 500 comments Hits to the websites exceed 36,000

Comments moderated

An in-house moderator responds to client comments when there is a call to action in the review

Clients very receptive right from the initial launch

Within the first month over 500 comments

Hits to the websites exceed 36,000

Reactions Clients appreciate the opportunity to comment freely Transparency is key….there have been negative comments where the client says ‘I doubt you will publish this comment because it is not perfect’….won’t that client be surprised! Want to complete their transactional banking at the speed of light but take the time in their busy days to read weeks worth of comments and submit lengthy storieswish lists or recommend other comments.

Clients appreciate the opportunity to comment freely

Transparency is key….there have been negative comments where the client says ‘I doubt you will publish this comment because it is not perfect’….won’t that client be surprised!

Want to complete their transactional banking at the speed of light but take the time in their busy days to read weeks worth of comments and submit lengthy storieswish lists or recommend other comments.

Comment Totals Status Total Anonymous 410 Submitted 85 Approved 1,447 Unused 188 Grand Total 2,130

Other Totals Number of Ratings 3,167 Average Rating 4.05 / 5 Recommendations 1,058

Language Stats Launched November 7, 2008 Info as of April 9, 2009 Language Comments English 1,595 74.9% French 535 25.1%

Launched November 7, 2008

Info as of April 9, 2009

Managing Today and into the Future Turned on ‘Recommend’ feature in response to high volumes of comments submitted and a sense clients wished a more interactive tool More recently, added a question to comment page to ask, ‘Did this tool influence your decision to enrol in Online Banking?’ Future considerationcontemplate Allow clients to provide replies to comments, however the challenge will be finding the resources to moderate Add to additional product & service pages throughout our public sites Use feedback to confirm our strategy to future enhancements & changes

Turned on ‘Recommend’ feature in response to high volumes of comments submitted and a sense clients wished a more interactive tool

More recently, added a question to comment page to ask, ‘Did this tool influence your decision to enrol in Online Banking?’

Future considerationcontemplate

Allow clients to provide replies to comments, however the challenge will be finding the resources to moderate

Add to additional product & service pages throughout our public sites

Use feedback to confirm our strategy to future enhancements & changes

Is it a Success? Challenges How do we measure success? Volumes of comments to moderate?

Challenges

How do we measure success?

Volumes of comments to moderate?