Cash Management, Reimagined. How RBC Clear™ built a new Cash Management platform from scratch Qorus-Infosys Finacle Banking Innovation Awards 2024 - Winner

RBC has been building the U.S. as its second home, with a steady stream of investments over the years. As part of this, the company decided to launch a new Fortune 1000-targeted Cash Management business in the U.S.

Before building, we drew upon RBC’s deep, existing relationships with Fortune 1000 Companies to assemble a Client Advisory Council. Over the course of 150+ conversations with corporate treasurers, we learned that Cash Management in the U.S. is very fragmented and is reliant on analog processes and early digital technology. Knowing that these treasurers’ full-time jobs involve banking for 40 hours a week, we looked to discover every nuance of those hours spent: what worked, what was frustrating, what took up most of their time.

We came to envision a new way in which every one of those hours is spent on high-value activities and not on chasing their bank. We knew there was an opportunity to take a design thinking approach, and we opted to build anew rather than launch a conventionally minded Cash Management solution.

With RBC Clear™, our clients will experience the difference starting from day one: • Seamless onboarding • Transparency in payments • Automating previously manual processes • Proactive and customizable self-service • Omni-channel delivery and frictionless integration • In-line controls • Near real-time analytics and next best actions

We will continue to leverage client focus groups to help identify client pain points as we move further into putting the treasurer in control of their working capital.