Lauren Nipp’s post on RBC’s Mobile Banking left me a great impression about how the advancements in technology can create such a convenience to our everyday lives. I agree with her thoughts about RBC seeing a market opportunity in release a mobile banking app to those who wield smartphones. In a thriving economy such as Vancouver, people want to use their time more efficiently, for time is short. Being able to access all your banking information in the palm of your hand, instead of traveling to the bank and doing the same thing makes a huge difference in one’s time management.
Lauren also mention about the SWOT analysis done by RBC. However, I will take a different approach and focus on the segmentation strategy, as this topic is recently covered in marketing class. RBC is implementing a benefit segmentation. This means RBC is grouping consumers on the basis of benefits derived from their products or services. To further state, RBC customers with smartphones will be able to reap the benefits of downloading RBC’s mobile banking app to conveniently access and manage their banking accounts. RBC then has to evaluate its segment attractiveness. This is done through their poll as Lauren mentioned, where they were able to identify who are within their market and their specific needs. In response, most people like the idea of a mobile banking application, but some are worried about the security of the application. RBC then makes a promise that customers will get reimburse if there are any unauthorized transactions conducted. With the safety and convenience assured, RBC takes the next step by making promotions on buses, bus stops, billboards, malls, etc., hoping to attract more customers into RBC and repositioning the corporation as the “top convenient bank.”