Richard McLaughlin - Rogers Bank

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Richard McLaughlin and Rogers Bank

Richard McLaughlin became the chief executive officer of Rogers Bank in 2019. Rogers Bank focuses on credit cards and mobile payments and has partnered with CIBC and Mastercard.

RICHARD MCLAUGHLIN

STRATEGIC INITIATIVES

  • Under Richard McLaughlin's leadership, Rogers Bank has used the service from MHz Design to target customers using "retention programs, stand-alone campaigns, and onboarding programs".
  • Emphasis was placed on "Rogers Platinum Mastercard, Fido Mastercard, and the introduction of the new Rogers World Elite Mastercard".

ABOUT ROGERS' ORIGINAL LICENSE APPLICATION

  • Rogers Bank is a subsidiary of Rogers Communications Inc. located in Toronto, Canada.
  • On September 3, 2011, Rogers Communications Inc. applied for a license to start a bank under the Canadian Bank Act.
  • The original application, based on the public announcement by the Canada Gazette, stated that the parent company intended to have the bank named in both English and French, namely, Rogers Bank and Banque Rogers and this was stated in its application.
  • Members of the public were allowed to object to the company's application before October 24, 2011.
  • Rogers Communications Inc. was granted a license to start a bank, Rogers Bank, on April 24, 2013, by Office of the Superintendent of Financial Institutions.
  • Archived information about Rogers Bank's license original application is made available in the Canada Gazette, although not very detailed.

STRATEGIC DIRECTION

  • According to CBC/Radio Canada, Carly Suppa — Rogers' spokesperson — hinted that the strategic direction was not to focus solely on establishing credit cards, but also to get involved in mobile payment services.
  • Suppa also stated that the bank license would've given them flexible options to target a niche credit card market which included their existing customers.
  • Rogers Communications Inc. wanted to be well-positioned in the Canadian market so that they could benefit from every possible point within the supply chain.
  • An article by Financial Post suggested that the company might've had the intention to combined both the financial service and their smartphone to offer mobile payment services as well.
  • In 2011, it was reported that Rogers Communication Inc. had a share of more than 9 million mobile subscribers from a total of 24.5 million in Canada.
  • For this reason, it was believed that the company's strategic plan was to expand their services in terms of the addition of a mobile payment option to their customers while tapping into the mobile payment segment for additional revenue.
  • There were also rumors that Rogers would've launched its NFC (Near Field Communications) mobile payments in 2012, which would position them as the leader for mobile payments.

MOBILE PAYMENTS

  • Rogers partnered with the Canadian Imperial Bank of Commerce (CIBC) and launched a mobile wallet in 2012 which was only supported by Research In Motion Ltd.
  • Both companies worked with Master Card and Visa Canada to make mobile payments possible using the NFC technology.
  • Rogers earns from charging a flat fee to store CIBC customer’s CIBC credentials on its SIM card which also increases its earning potentials.
  • The company also planned to provide a mobile payment infrastructure that can "store credit and debit cards from multiple issuers as well as loyalty cards and identity cards on its subscribers' smartphones".
  • Rogers launched its suretap(TM) wallet in 2013 and made a strategic agreement with Master Card to allow customers to make contactless payments.
  • Rogers had plans to expand its services into mobile payment services and partnered with CIBC at first to offer mobile wallet services before launching its mobile wallet called suretap(TM) wallet.
Sources
Sources