The service I will choose is personal banking, specifically the Royal Bank of Canada (RBC). I have been using RBC since I was a teenager, as it is the same bank my parents use. Like many banks, there is a customer gap between expectations and perceptions.
As the largest bank in Canada, it would be ideal if my branch had extended operating hours like some other banks. Considering their position as the most profitable bank in the country, one would anticipate their branches to have a more attractive appearance and slightly better customer service compared to others. Nevertheless, due to fierce competition and regulatory restrictions within the banking industry, most banks are relatively similar when it comes to branch aesthetics, service quality, and fees.
There are various types of banks that don’t have fees, but they lack the branches and services provided by RBC. Personally, I prefer paying the fees for RBC’s comprehensive range of services, convenient branch locations, and access to ATMs (including those at all Esso gas stations) whenever necessary.
Gap 1, which refers to the disparity between customer expectations and the company’s comprehension of those expectations, is also present. One contributing factor is the abundance of “frontline” employees who might not relay all issues to upper management. Additionally, being a vast corporation, RBC may not readily address these concerns. With multiple layers of upper management in the organization, implementing changes, like adjusting branch hours, would be challenging due to established policies.
Gap 2 refers to a lack of appropriate service designs and standards. This gap occurs when there is a discrepancy between the company’s understanding of customer expectations and its development of customer-driven service designs and standards.
I think the appearance of my RBC branch can be improved to create a more luxurious and classy atmosphere, distinguishing it from competitors. I believe that reinvesting some of the profits earned on Bay Street into branch aesthetics, such as adding nice chairs and other elements, would create a pleasing ambiance. RBC should strive to become the “Cadillac” of banks, setting itself apart from the rest rather than being just like all the others mentioned.
The most challenging Gap, which is the difference between customer-driven service standards development and the actual service performance by company employees, is something that RBC excels at and I have no complaints about. Currently, I am at my third new home branch and I must say that all of these branches, as well as other branches I have visited, are remarkably similar. It is impressive considering the difficulty in maintaining the human aspect. It is evident that RBC invests significant time and effort in training employees in these areas and the employees take pride in their work for the company.
The final Gap 4 refers to the disparity between the service provided and the way it is communicated externally by the service provider. This is commonly referred to as Not Matching Performance to Promises. However, at RBC, I believe this gap does not exist due to the comprehensive policies and procedures implemented throughout the entire corporation and its branches. For instance, I am unable to obtain a lower monthly banking fee or interest rate at one branch compared to another.
Whenever you apply for a loan or mortgage, RBC makes sure to thoroughly go over all the necessary paperwork with you to ensure transparency and avoid any unexpected surprises. The outstanding horizontal communication within the company is a result of their dedication to training their employees. Overall, RBC provides excellent banking services and I have no intention of switching banks. My only concern is that I would like to see them utilize their profits for visible improvements at their branches or potentially reducing my banking fees (although I acknowledge this may be wishful thinking).
I appreciate the convenience of all their branches, as they have a consistent look, feel, and service. I can receive the same services at any location, which is beneficial. Their strict policies, procedures, and employee training contribute to their status as the top bank in Canada. Considering this, it might be wise to invest in their stock and receive dividends as a result.
