Rbc Mobile Wallet Assignment Report

Running head: RBC MOBILE WALLET
RBC MOBILE WALLET
Name of student
Name of university
Author’s note:

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Executive summary
The introduction of the various digital technologies has led to the transformation of how the
financial institutions are providing the services and products to the customers. RBC bank is
the largest bank in Canada when it is measured by the assets as well as the market
capitalisation. It has been considered to be the largest card issuer in all over Canada. It has
always employed over 80,000 part or full time employees who are serving over 15 million
clients in all over United States, Canada and various other countries. Presently the bank is
shifting towards the implementation of the mobile banking and maintaining the mobile
wallets that would be used by the customers of the bank for managing their various cards and
eliminate the need of the customers to take the credit or debit card of the bank for any
transactions.

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Table of Contents
Problem statement..........................................................................................................3
Analysis..........................................................................................................................5
Analysis of causes and the consequences..................................................................6
Objectives or the goals settings..................................................................................8
Evaluation of options.................................................................................................8
Recommendations..........................................................................................................9
Action plan and conclusion..........................................................................................10
References....................................................................................................................11

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Problem statement
The selected organisation RBC bank is the largest bank in Canada when it is
measured by the assets as well as the market capitalisation. It has been considered to be the
largest card issuer in all over Canada. It has always employed over 80,000 part or full time
employees who are serving over 15 million clients in all over United States, Canada and
various other countries. The main vision of the bank was the realisation of the three pronged
strategic goals, which are the extensively holding on to leadership position in the financial
services in the country, offering the capital markets as well as the wealth management
solutions all over the world, in the targeted markets, services as well as the products
complementary to the core strengths. The strategy of the bank for gaining extensive growth
as well as the profitability has mainly remained constant over several years while structure of
the company has been updated constantly. Recently the bank has turned to the restructuring
of their business and then divided the business into the five segments, the personal as well as
commercial banking, extensive wealth management, insurance, treasury and the investor
services as well as the capital markets. The support to the business segments has been
provided by the two sectors, functions as well as the technology along with operations.
Presently the bank is shifting towards the implementation of the mobile banking and
maintaining the mobile wallets that would be used by the customers of the bank for managing
their various cards and eliminate the need of the customers to take the credit or debit card of
the bank for any transactions. The customers could enter their card details in the mobile
application and it would save all their card details along with the personal identification
number. When the customers makes any purchase from any shop, if the shop has any wireless
payment method, then the payment of the products could be done from the mobile of the
customers without the swiping of any kind of card. Around 2000, the company formed the

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effective partnership with company Fido for providing the wireless banking services for
transactional purposes with the help of the feature of Access Finances of Fido. The potential
clients could utilise the Fido handsets for checking the balances in their account, pay any bill
and also transfer limited funds. In around 2007, the company had formed partnership with the
company Visa Canada for piloting the mobile payments services around Ontario that utilised
the cellphones instead of the conventional credit card for making the purposes of the visa.
There have been several crucial development in the company in the next year in the regards
to the sector of mobile banking. The bank had teamed up with the Research In Motion and
Thomson Reuters for launching the BlackBerry Partners Fund, which is the venture capital
fund for investing in the mobile applications as well as the services for Blackberry platform
as well as the other mobile platforms. It had also tested RBC Mobex Mobile Payment Service
that allowed the first time users in sending and receiving money in an instant with the help of
the text messages on the mobile phones. The bank then initiated the working with Rogers and
Motorola on the specifically engineered Motorala featured phone. The bank was significantly
keen on the development of the open-loop payment system that would have the ability of
working globally, unlike any closed loop payment system that has been developed by the
retailers such as the company Starbucks, whose system only working in the captive
environment of their respective stores. Around 2009, the bank had successfully finished the
development of the first wallet that could work on the mobile phones. The cardholders could
easily tap into their phones against the Visa payWave-compatible POS terminals of the
merchants for making the payment of the products that have been bought by them. The main
issue that was faced by the bank was that in those times the amount of Visa payWave-
compatible POS terminals that were being used was significantly low.
Mobile payment could be described as the payment services that has been operated
under the financial regulations and it could be performed from or even through any mobile

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devices. Rather than paying for any product using cash, credit cards or any cheques, the bank
intended to provide the customers to provide an effective platform for making the payment
using a mobile for vast range of the services as well as the digital or even the hard goods. The
mobile wallet that is being developed in the company is the app that comprises the credit and
the debit card information that would help the users to pay for the goods as well as the
services digitally through the mobile devices. The users are required to register, by input of
the phone number and then the provider sends the SMS including the PIN. The users then
enters the PIN and it helps in the authentication of the number. The users then input their
details of credit card or any desired payment methods if required.
The main issue of the company presently is deciding whether the mobile wallet
should be placed in the cloud storage or allow the customers to save their payment credentials
in the SIM card storage.
Analysis
Even though the company implemented the mobile wallet technology, the main issues
that were residing in the company were:
As the company intended to store the data of the customers on the SIM card or the
cloud storage, there were some concerns regarding the most suitable storage location. It was
argued that the SIM card has become significantly industry standard but the cloud storage
was still in the testing phase in the payments industry.
Secondly, with the storage of the customer payment details in the SIM card, the
operator the SIM card would be required to provide all the details of the payment details of
the customers. All the credentials would be stored in SIM card of the individual customers. It
would permit the bank to become the commodity provider of significant credit but the cloud

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storage would not been the bank to share any of the customer data with the either wireless
provider or even any of the retailers as well as the device manufacturers.
Thirdly, the storage capacity of the SIM card has been observed to be significantly
restricted. It meant that when the storage space has been provided to the customers for storing
the details of their personal card, they might use this space for storing any other kind of
details and the storage space would be completed used up. With the use of the cloud storage
in the bank, the customers would be only provided with the access of storing the card details
in the cloud and the storage space of cloud is significantly high than the SIM card.
Fourth issue that was faced by the bank is that the cost of the cloud storage is
significantly high while the cost of the SIM card is significantly low.
Fifth issue is that the customers of the bank were not so educated in using the cloud
storage space. The data that would be stored in the mobile devices would be transferred to the
mobile devices and no data would be kept in the mobile devices and this could cause
significant issue for the customers who might perceive that their personal bank details might
be extensively misused by any third party individual.
Analysis of causes and the consequences
The sources of the problem faced by the company are:
For the first issue of choosing between the cloud storage and the SIM card providers,
the main issue is that the SIM card providers are becoming significantly popular in the recent
times. They are providing various services to the customers and retailer with the ability of
storing the contact details and the various other information. The bank owners and the
managers are concerned with the initiative of storing all the details of the customers on the
cloud as the cloud storage is presently in the testing stage in the payment industry. Not many
financial institutions are using this technology for storing the payment credentials of the

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customers on the cloud storage due to the concern that the proper security measures might not
be provided to the data stored.
For the second issue, the source of problem are the customers. When significant
storage space has been provided to the customers for storing the payment details in the SIM
card, they might misuse it for storing the details of any other credentials and it could become
the major issue for the bank. When the storage has been completely utilised by the customers,
the bank might not be able to provide any optimum services.
For the third issue, the source of the problem are the telecom service providers. The
cloud could provide the scalability of storage for allowing storing as much as data in the
storage space, but the telecom providers cannot provide unrestricted storage space as the
devices developed by the telecom providers are not scalable for storing the increased amount
of data of the customers.
For the fourth issue, the source of the problem is the bank owner. It could be
considered that the cost of buying the SIM cards is one time investment but the cloud storage
could be provided in the monthly basis. Depending on the usage of the cloud storage by the
bank, payment has to be provided to the cloud storage providers. If the usage of the cloud
storage is done more than the regulated amount, huge amount of capital is required to be
invested for paying the cloud service providers. With the increase of the customers in the
bank, the cost of maintaining the cloud storage could be considered to be significantly high
and it would constantly rise with the increase of the customers in the bank to whom services
and products are being provided.
For the fifth issue, the source of the problem is the customers. It could be considered
in the country that the number of customers significantly educated in using the cloud storage
space is significantly low but the amount of people who are educated in using the SIM card is

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significantly high. If the cloud storage has been implemented in the organisation, majority of
the customers might face difficulty in storing the payment credentials as the cloud storage
does not store any of the data in the devices and it stored in the cloud. Each time the
customers makes any request for making payment, the data would be retrieved from the cloud
and if the customers are not educated in using the internet services, the data would not be
fetched from the cloud and payment cannot be made. If the company stores the data in the
SIM card, there is no need of retrieving the data from the cloud as all the data is stored in the
mobile devices. The customers could easily make the payment for the products and services
that they have purchased.
Objectives or the goals settings
The main objective of the solution is allowing the seamless transaction made by the
customers with the mobile wallet app. It should allow the customers to save all their payment
credentials in the mobile device and allow the payment easily. The customers should be
provided with the constant knowledge regarding the location of the saved data so that there is
no issue faced by the customers to understand the security of the data.
Evaluation of options
The most appropriate solution for the bank to provide the seamless payment interface
to the customers for making the payment for products using the mobile devices is the
implementation of the mobile wallet and make the storage space for the mobile wallet in the
cloud (Yang et al., 2017). The cloud storage could be described as the model of the computer
data storage where the digital data could be easily stored in the logical pools. The extensive
physical storage mainly spans several servers and main physical environment has been
commonly owned as well as the managed by the hosting company (Arpaci, 2016). The
providers of the cloud storage are mainly accountable for securing the data using the
appropriate security protocols and also make the data accessible and available for the

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authorised users using the proper credentials (Yu et al., 2016). The services of the cloud
storage might be easily accessed using the colocated services of cloud computing, the web
service application programming interface or even by the application that utilises the API like
the cloud desktop storage, the gateway of cloud storage or any web based content managing
system. (Chang & Wills, 2016)
Recommendations
The main advantage that would be gained by the bank with the implementation of the
mobile wallet in the cloud storage is that the security of the payment credentials could be
significantly ensured (Xiao et al., 2017). The cloud storage uses various protocols and
security measures that does not allow the modification or the access of the cloud data by any
of the unauthorised users. The data could only be accessed by the login credentials provided
in the mobile wallet. No data of the customers is present in the mobile devices that eliminates
the issue of theft of data of the app if the mobile devices of the customers has been misplaced
(Yu & Wang, 2017). The unique identification code could be implemented in the app that
would only allow authenticated users to access the data stored in the wallet.
Even though the customers would be provided with the easy and simple method of
payment using the mobile wallet and the data stored in the cloud, there are some weaknesses
of the cloud storage that are required to be considered:
The cloud storage is significantly dependent on the internet connection. As the
platform of the cloud depends on the speed of the internet facility of uploading as well as
downloading speed, the customers who have the low latency could easily impede from
accessing data of the cloud in extensively real time (Liu et al., 2017). There might be some
places where the customers visit where there might be no internet connection, and the cloud
storage could not be used for making the transactions.

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The cost of maintaining the cloud storage containing all the payment credentials of
the customers could be considered costly. The costs of ensuring that the proper security
measures are implemented, the cost of managing the storage space, and the cost of allowing
the access to the cloud data might be the most crucial issue for the bank.
Action plan and conclusion
 The crucial stakeholders are required to be identified across the organisation and
then the cross functional teams are required to be developed for addressing the
vendor management issues as well as the participate in the procedure.
 The bank needs to identify the kinds of data that are required to be stored in the
cloud storage and then criteria is required to be established that would be useful
for the bank to make the classification of the data.
 The established criteria of classification should be used by the organisation for
developing the procedures as well as the policies that would help in setting the
expectations for the personnel as well as the vendors for handling as well as the
managing the data.

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References
Arpaci, I. (2016). Understanding and predicting students' intention to use mobile cloud
storage services. Computers in Human Behavior, 58, 150-157.
Chang, V., & Wills, G. (2016). A model to compare cloud and non-cloud storage of Big
Data. Future Generation Computer Systems, 57, 56-76.
Liu, X., Sun, W., Lou, W., Pei, Q., & Zhang, Y. (2017, May). One-tag checker: Message-
locked integrity auditing on encrypted cloud deduplication storage. In IEEE
INFOCOM 2017-IEEE Conference on Computer Communications (pp. 1-9). IEEE.
Xiao, L., Xu, D., Xie, C., Mandayam, N. B., & Poor, H. V. (2017). Cloud storage defense
against advanced persistent threats: A prospect theoretic study. IEEE Journal on
Selected Areas in Communications, 35(3), 534-544.
Yang, J., He, S., Lin, Y., & Lv, Z. (2017). Multimedia cloud transmission and storage system
based on internet of things. Multimedia Tools and Applications, 76(17), 17735-17750.
Yu, J., & Wang, H. (2017). Strong key-exposure resilient auditing for secure cloud
storage. IEEE Transactions on Information Forensics and Security, 12(8), 1931-1940.
Yu, Y., Au, M. H., Ateniese, G., Huang, X., Susilo, W., Dai, Y., & Min, G. (2016). Identity-
based remote data integrity checking with perfect data privacy preserving for cloud
storage. IEEE Transactions on Information Forensics and Security, 12(4), 767-778.