The Business Deposits and Liquidity Management team at RBC focuses on making business banking simpler, smarter, and more seamless for clients. The 45-member department includes the Liquidity Management Transformation team, which focuses on product innovation and improvements to the client experience, supporting the needs of RBC’s one million commercial banking customers.
A key innovation from this team is RBC Virtual Account Management (VAM), which helps clients streamline reconciliation, improve transaction visibility, and reduce the administrative burden of managing multiple bank accounts.
The impact of the virtual account product can be seen in the experience of a large retail pharmacy chain, which reduced its bank accounts from 240 to one after adopting RBC VAM. The consolidation dramatically simplified account management and reconciliation, and the client found VAM’s reporting made it easier to understand and manage their cash flow.
RBC VAM also includes a self-serve portal, so clients can add and remove accounts and change account hierarchies when and as they choose, without having to complete conventional account opening procedures or paperwork.
Another groundbreaking solution from the team was a simplified and automated onboarding approach. This program was developed to streamline and accelerate migrations for a recent acquisition and is now contributing to a better onboarding experience for all new commercial banking customers.
Looking ahead, the team intends to capitalize on the bank’s global transaction banking and technology expertise to help accelerate growth beyond its Canadian and US home markets.
