Royal Bank of Canada (RBC) provides personal and commercial banking, wealth management services, insurance, corporate and investment banking and transaction processing services to 28 million accounts worldwide, handling 52 million transactions a month.
Adding Teradata Value Analyzer to its enterprise data warehouse from Teradata, RBC was able to look more closely at customer, account and product data. Conducting cost and revenue calculations based upon millions of actual transactions rather than averages, Teradata Value Analyzer helped RBC gain a better understanding of customer profitability.
Despite the size of the database, it takes less than eight hours to run the Teradata Value Analyzer process against detail data once a month with nearly 250 business rules. Other benefits RBC has realized with Teradata include:
- 61% improvement in marketing cycle time
- 20% increase in high-value customer base
- 13% increase in client profitability
- 40% increase in direct marketing response rates
- 11% increase in RSP deposits based on targeted marketing program
Thanks to the Teradata Customer Relationship Management (CRM) solution, RBC has also reported direct marketing campaign response rates as high as 40%, compared to the industry average of 2% to 4%.
