RBC Wealth Management onboards customers in 24 minutes
Company Size
1,000+
Region
- America
Country
- United States
Product
- MuleSoft’s Anypoint Platform
Tech Stack
- APIs
- Salesforce Financial Service Cloud
- Docupase
- Fenergo
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Application Infrastructure & Middleware - API Integration & Management
- Platform as a Service (PaaS) - Connectivity Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
Use Cases
- Predictive Maintenance
- Supply Chain Visibility
Services
- Software Design & Engineering Services
- System Integration
About The Customer
RBC Wealth Management is a division of RBC Capital Markets, founded in 1909. The company has $379 billion in total client assets and operates with more than 2,000 financial advisors in 179 locations across 42 states in the United States. The company is focused on providing a seamless wealth management experience to its customers and advisors. To remain competitive in the financial services industry, RBC Wealth Management is committed to embracing digital transformation and improving its customer experience.
The Challenge
RBC Wealth Management, a division of RBC Capital Markets, was facing challenges in delivering a world-class customer experience. The company, which has over $379 billion in total client assets and more than 2,000 financial advisors operating in 179 locations across 42 states in the US, needed to further embrace digital to remain competitive. However, achieving these goals proved difficult as RBC needed to unlock critical customer and financial data in siloed legacy systems and integrate that data with modern cloud and on-premises applications across the organization for a single customer view. The company's objectives included automating and connecting siloed legacy systems to digitize paper-based onboarding processes, building a single customer view and improving financial advisor productivity by integrating legacy data with cloud and on-premise systems, and launching a client service portal that streamlines the customer experience.
The Solution
RBC Wealth Management adopted MuleSoft’s Anypoint Platform to automate and digitize the paper- and mail-based processes for opening a bank account. The company built reusable APIs to unlock and integrate siloed data in LexisNexis, the bank’s client database, and other on-premises, legacy, and cloud systems. This enabled the company to completely digitize the onboarding and account opening process, significantly improving the customer and service experience by reducing the need for manual data entry. After revamping the onboarding process, the RBC team built a single view of their customers’ households via a client service portal. They reused the Accounts API, Clients API, and Documents API from their onboarding project to connect Docupase, Fenergo, and Salesforce Financial Service Clouds, and other systems to build a single customer view. The integration of these systems significantly improved productivity by enabling financial advisors to update client information and respond to client requests.
Operational Impact
Quantitative Benefit
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