Innovations of the Royal Bank of Canada
To provide an overview of innovative activities of the Royal Bank of Canada (RBC) in the last year to help facilitate research.
- In July 2019, the Royal Bank of Canada (RBC) successfully acquired WayPay, a cloud-based payments fin tech in Ontario that offers business-to-business accounts payable automation and payment optimization services.
- A representative from RBC stated that the acquisition would allow RBC to expand digital capabilities as well as strengthen RBC’s position as a digital leader in the market.
- Also, the bank has added in-app personalized insights on business owners’ cash flow to improve their expense tracking and analysis capabilities.
- They have invested in tools such as MyAdvisor, a wholly-online platform that helps the bank's customers meet with advisers and plan investments at no additional cost. With the app, customers can view all their accounts on one screen and allows them to simultaneously review their finances with a human adviser.
- RBC have also launched a Canadian cash back app called Ampli, which acts as a customer acquisition vehicle, as RBC card members get better rewards.
- In order to help their customers better manage their day-to-day finances, RBC also launched NOMI on the official bank app. It summarizes everyday banking activity across each customer's accounts, notifies the customer about new or unusual account activity, and helps categorize their spending.
- The bank also expanded its service offerings for business clients by partnering with Microsoft to launch Go Digital, a suite of turnkey technology solutions that uses the Microsoft cloud service to ease their clients' adaptation to a more digital business environment.
- Along with Franklin Templeton Investments, RBC have co-sponsored ExoNexus, a fin tech incubator that leverages artificial intelligence in banking, wealth management, payments and capital markets technology, cyber security, block chain, digital cash, P2P lending and edge computing.
- The bank have been celebrated for their leading application programming interface (API) strategy, which has seen the launch of an external public API portal, an internal private portal, and a partner API platform.
- In November, RBC announced Tech for Nature, a commitment to funding ideas that would help solve environmental challenges.
Proposed next steps:
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As the initial research focused on innovations by RBC, we would recommend focusing on innovations of Toronto-Dominion Bank and the Bank of Nova Scotia, two other leading Banks in Canada.
Alternatively, we would recommend a study of the effect of these innovations on the revenue and sentiment towards the bank, as well as adoption rate of the bank's digital innovations.