Royal Bank of Canada is a leading bank in Canada that has more than 16 million clients and over 85,000 employees worldwide. It was established in the year 1864 as the Merchants Bank of Halifax in Halifax, Nova Scotia. However, in 1901, the present name or the Royal Bank of Canada was formally adopted.
RBC started as a commercial bank that worked with the local fishing and timber industries while also offering its services to European and Caribbean businesses that specialized in the import and export of goods. Later, as it grew it expanded its services in the western regions.
RBC currently has its corporate headquarters in Toronto, while its head office is in Montreal. RBC’s revenue in 2020 was ca $47.2 billion, while its net income was ca $11.4 billion. RBC is known for sponsoring various sports events, community programs, and charity events. It is also Canada’s Olympic Games sponsor.
The RBC mission statement is aimed to help both communities and its clients succeed in their endeavors. This clearly reveals that the banks’ philosophy is aimed at not just its growth but also the overall development of the society and its people.
As per RBC vision statement, it envisions itself as the world’s leading and reliable bank. Along with becoming a top bank in Canada and the world, the bank aspires to partner with US corporates, institutions, and high-net-worth clients. In recognition of its success, RBC was added to the Financial Stability Board’s Globally Systematically Important Banks list in 2017.
To adhere to RBC mission and vision, it focuses on a work culture that is driven by values. This is why it nurtures its core values of collaboration, diversity, inclusion, integrity, and putting their customer first.
The RBC mission statement is “Helping clients thrive and communities prosper.” A closer look at the statement and a deeper understanding highlights that customers and clients reign supreme for RBC. Here is the deeper analysis of the RBC mission statement:
Helping Clients Thrive
By helping clients with their financial requirements and planning, RBC helps them prosper so that the whole community can benefit from the growth. RBC has also made it its mission to enable people and businesses to succeed by sharing its resources. It also believes in assisting businesses with professional and timely advice that will help them make the best business decisions.
And Communities Prosper
The fact the RBC mission statement talks about the prosperity of the communities is a clear indication that the bank understands its social responsibility towards the community and the planet as well. It takes pride in helping societies progress along with its own growth as a financial institution. It shows RBC’s conviction towards the prosperity of the community and financial services.
The fact that this financial institution aims at creating a positive social impact speaks volumes about its aspiration to excel not only to attain its financial goals but something bigger for society. Leading by example is one of its core philosophies that aims at bringing about a positive change in society. The bank’s leaders also believe strongly in a sustainable future for prosperity. The bank targets $500 billion in sustainable financing by the year 2025.
RBC Vision Statement
The vision statement of RBC “To be among the world’s most trusted and successful financial institutions” underlines the bank’s goal to be the first choice of people, businesses, institutions, and governments for the greater part of their financial needs. By achieving this, the RBC bank aims to be recognized as one of the world’s top banks. A detailed analysis of the vision statement below will help understand how the company perceives itself in the future and what it promises its customers, partners, and people.
To Become a Trusted Partner For The Customers
This part of its vision statement reveals how RBC believes in conducting its business with the utmost integrity and honesty, so that its clients, partners, associates, and employees can trust it completely. RBC believes that a financial institution must first earn the trust of its customers before it can be considered the world’s best. To focus on providing the best customer service and ensure faster and competitive banking services, RBC works on leveraging the state-of-the-art technologies that make the banking process faster and transparent. To achieve its vision, RBC understands the need to change its role and traditional banking practices to be more relevant in today’s times.
To Become the World’s Leading Financial Institution
RBC aspires to be a leading name in the financial sector through its hard work, capabilities, and leadership philosophy. In 2018, when digitization was happening everywhere, Dave McKay, CEO of the Royal Bank of Canada (RBC), looked at digitization as an opportunity instead of a threat. Talking about the current pandemic, the bank already prepared itself for this tough situation by creating a significant cash cushion for loan defaults. This reveals that through its leadership philosophy, this one of Canada’s biggest banks has not only succeeded as a financial institution but also played a key role in guiding the nation for economic recovery. With such capable leadership, RBC is sure to become the world’s leading bank.
RBC Core Values
The core values of RBC are the fundamental principles on which it has built its business. RBC has managed to carve a special niche in the financial services sector with strict adherence to its core values and a clear emphasis on them being followed diligently by its partners and team. The core values which form a part of its DNA are:
Client First
Putting the client’s requirements first as the foremost principle behind every business transaction has helped RBC carve a special place in the heart of the customers and partners it works with. This has helped it to achieve its vision of being the first choice of customers.
Collaboration
Ensuring that all its team members be it a partner, associate, or employee, work together as one team and share the responsibilities has helped RBC be competitive and win in financial markets, come what may.
Accountability
RBC believes in ensuring that its team and management are held accountable for their actions and performances. This ensures that they are always on track by acting responsibly.
Diversity & Inclusion
Putting the people and organization first reveals that RBC does not believe in discrimination of any kind and treats people from all backgrounds and ethnicities with respect and dignity.
Integrity
RBC takes pride in its core values of transparency and honesty that are the backbone of RBC’s success story. The bank ensures maintaining the highest standards of integrity when dealing with customers, partners, and stakeholders, etc.
Conclusion
The banking industry is highly competitive and dynamic. RBC mission and vision act as guiding principles for its growth and enter new markets. RBC has successfully adapted itself to the changing needs of the economies and communities and built a successful legacy of trust and integrity.
