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RBC rolls out Insight Edge transaction analysis suite to commercial clients

Source: Royal Bank of Canada

RBC today announced that RBC Insight Edge, an award-winning, first-of-its-kind Canadian platform for real-time data and insights, is now available for direct access through a subscription to commercial clients and small to medium retail business clients.

Helping owners make more data-driven decisions about their business, customers and markets, RBC Insight Edge is part of RBC’s overall pursuit to help Canadian businesses scale and manage their operations through enhanced digital capabilities and solutions that go beyond traditional banking. Through an easy-to-use dashboard, the platform offers real-time intelligence based on anonymized credit and debit card transactions, and demographic and location data.

“Dramatic changes in consumer spending patterns have taken shape over the past year so informed, data-driven business planning decisions are more important than ever for businesses, particularly retailers,” said Greg Grice, Executive Vice-President, Business Financial Services, RBC. “Insight Edge not only helps clients plan for their recovery in the short-term, but also arms them with meaningful insights that, over the long-term, will help position their businesses for future success. We’re excited about the prospect of being able to better leverage data to support our clients and their growth.”

RBC Insight Edge leverages RBC's expertise in information management and insight development, which is safeguarded by rigorous privacy standards, to help business owners and managers turn insights into actions that improve client loyalty, productivity and drive growth.

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Through real-time market intelligence, RBC Insight Edge is helping Purdys Chocolatier make informed decisions, drive expansion, and reach customers when and where they are.

For example, RBC Insight Edge has helped clients, such as Vancouver-based Purdys Chocolatier, to make informed decisions about growing their business. Leveraging nuanced insights on neighborhoods across Canada, Insight Edge’s analytics have helped the retailer to tailor product selections and to inform decisions around new locations, supporting them in achieving efficient, profitable and sustainable expansion.

'We use RBC Insight Edge to investigate potential new locations for Purdys, both in regions we are currently in but also new regions that we are exploring,' says Ron Young, director of product and insights at Purdys Chocolatier. 'Within minutes we get a really good visual idea of the success we may have in that location, giving us confidence in the decision we are making based on accurate, qualitative and quantitative data.'

RBC Insight Edge does the heavy lifting to help businesses make decisions with confidence and uncover actionable insights without the need to sort through mountains of data. RBC Insight Edge helps clients to:

Track shopping behaviour: Discover how, when and where people are shopping with anonymized real-time transaction data from nearly 14 million consumers across Canada.
Benchmark: Leverage insights from purchasing trends in any market to understand strengths and opportunities.
Uncover Customer Trends: Better understand consumer spending patterns and consumer loyalty to strengthen sales and marketing strategies. View aggregated demographic data covering income, population density, age, gender and spend in a specific category.
Explore New Markets: Search neighbourhoods across the country to discover unique composition, commercial activity and spending habits of the area, including all major malls across Canada.
Support Growth: Access information to make strategic decisions for future growth and investment opportunities.

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