How Royal Bank of Canada moved fast to deploy mobile payments

Staying ahead of a technological shift in your industry can be tough when you’re not a tech leader like Google or Apple. Should you marshal the internal resources necessary to do cutting-edge development on your own, or simply wait for one of the tech giants to make their move, join them as a partner — and risk letting them come between you and your customers?

rbc-mantiaThat was the situation facing Canada’s largest bank, Royal Bank of Canada, three years ago. RBC didn’t see itself as a competitor to the tech companies as it became clear that consumers would soon expect to use their mobile phones to make payments, says Linda Mantia, executive vice president of Digital, Cards & Payments at the $26 billion financial services institution. In fact, Mantia says, the Toronto-based bank “wanted to be everyone’s best partner.” But it also wanted to move quickly to understand the technology, how it could be deployed, and how consumers would respond to it.

“RBC knew for years knew how massive a transformation mobile was going to be to payments, so we weren’t confused on how important it was to get it right,” Mantia explained in a recent interview with Innovation Leader. The bank, she says, “understands payments right to their core” and has always done R&D in the area.

... continued ...

Gated Article Promo

Read the rest of the article ... and give IL a test drive!

Complete the form below for a 14-day trial of Innovation Leader, including access to case studies, research excerpts, live calls, and other resources. Got questions? Get in touch »
Watch this quick video to see the main benefits of Innovation Leader membership.
Innovation Leader
What Is Innovation Leader?
Are you responsible for creating new growth in a large organization? We've got you covered. IL members get full access to our research, articles, case studies, live events, webcasts & conference calls, downloadable resources and more. Become a member »

Case Studies, Articles
Members-only online access to articles, case studies, best practices, video tutorials, more.
Exclusive reports on topics including metrics, benchmarking, labs, compensation, and more.
Member discounts to our one-of-a-kind, loved-by-participants live learning events.
Dozens of downloadable checklists, innovation frameworks, spreadsheets, and dashboards.
Learn More & Become a Member