In our blog, Retail Advice In The Banking Sector: An Area Ripe For Development, we explored the barriers banks and insurers face when implementing a successful retail advice strategy. In this follow-up, we look at best practices from industry leaders in the retail advice space.

Capco has advised more than seven financial institutions on planning and executing their retail advice strategies in the last two years. We conducted an extensive 18-month research study on the approaches that twenty-one financial institutions have taken to implement retail advice and distilled the learnings into five key best practices demonstrated by leaders in this domain.

Based on our research, RBC (Canada), USAA (U.S.), ITAU (Brazil), Commonwealth Bank (Australia), and ABN AMRO (U.K.) are examples of banks that have scaled digital advice and, in one way or another, are implementing the best practices described below.