Royal Bank of Canada – Digital Transformation Strategies
Royal Bank of Canada (RBC) has been focusing on using artificial intelligence, machine learning, cloud, big data, and blockchain to digitally transform its operations. The annual ICT spending of RBC was estimated at $2 billion for 2022. A major share of this spending is earmarked for acquiring software, consulting and hardware from vendors. RBC is a multinational financial institution providing personal and business banking, wealth management, and institutional banking services. The personal and business banking divisions offer deposit services, loans, credit cards, mortgages, investments, bancassurance, payments, international trade, and business advisory services. The wealth management division offers investment management, wealth management, banking and custody, and credit and financing services. The institutional banking division offers global asset management and investor services. The bank operates through a network of branch offices, ATMs, and online portals and serves individuals, businesses, and high-net-worth clients.
The RBC Digital Transformation Strategies report will act as a reference point to understand a company/competitor’s digital strategy. It will also help in understanding the digital preparedness of the company against its peers. Information included in these reports are sourced from a mix of our very own internal database and authentic secondary research links such as company’s annual report, presentations, press releases etc. The report covers overview of the company, its digital transformation strategies, technology focus areas, accelerator, incubators, and other innovation programs, technology partnerships, technology introductions, venture arm, investments, acquisitions and ICT spending among others.
Digital Transformation Strategies
RBC invests in AI solutions to improve customer experience and enhance its operational efficiency. The bank rolled out AI-powered digital platforms for both retail and institutional clients that have saved their time and offered them valuable insights. For instance, NOMI, the AI-based digital assistant for retail customers, analyzes a customer’s cash flow and provides insights on spending patterns as well as budget recommendations and suitable savings plans. It also functions as a chatbot.
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RBC Technology Theme Focus
RBC is utilizing a number of emerging technologies including Artificial intelligence, cybersecurity, fintech and blockchain among others to enhance its digital banking capabilities.
RBC Technology Theme Focus
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RBC Technology Initiatives
RBC has been involved in several strategic technology partnerships and collaborations, technology developments and roll outs, and technology investments and acquisitions over the last few years. For instance, in 2020, RBC and Borealis AI launched an AI-powered electronic stock-trading platform called Aiden. The platform uses an advanced AI technology called deep reinforcement learning to learn about stock trading in real time and automatically execute buy and sell transactions in the best interest of clients. It also anticipates changes in the stock market and adjusts trade executions accordingly, as well as helping RBC’s customers make smart stock investments.
For more insights on other technology initiatives of RBC, download a free report sample
RBC ICT Spend by Function
- Data center
- Communications
- Network
- Applications
- End-user computing
- Management
- ICT Service desk.
RBC ICT Spend by Function, 2022
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RBC ICT Spend by Channel
- Internal development and maintenance
- Technology vendors (direct)
- Local resellers
- Telcos
- ICT services providers/consulting firms
- Specialist outsourcers
- Systems integrators
RBC ICT Spend by Channel, 2022
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RBC External ICT Spend by Segment
- Software (including Cloud SaaS)
- Hardware (including Cloud Iaas)
- ICT services
- Consulting
- Network and communications
- Others
RBC External ICT Spend by Segment, 2022
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RBC Digital Transformation Strategies Overview
| Total ICT Spending 2022 | $2 billion |
| ICT Spend by Function | Data center, Communications, Network, Application, End-User computing, Management, and Service desk |
| ICT Spend by Channel | Internal development and maintenance, Technology vendors (direct), Local resellers, Telcos, ICT services providers/consulting firms, Specialist outsourcers, and Systems integrators |
| External ICT Spend by Segment | Software (including cloud SaaS), Hardware (including cloud Iaas), ICT services, Consulting, Network and communications, and Others |
| Technology Theme Focus | Artificial intelligence, Cybersecurity, Fintech |
This report provides:
- Insight into RBC’s technology activities.
- Insights of its accelerators, incubators & innovation programs, and venture arm.
- Overview of technology initiatives covering partnerships, technology introductions, acquisitions, and investments.
- Insights on each technology initiative including technology theme, objective, and benefits.
- Details of estimated ICT budgets.
Reasons to Buy
- Gain insights into RBC’s technology operations.
- Gain insights into its technology strategies and innovation initiatives.
- Gain insights into its technology themes under focus.
- Gain insights into its various partnerships.
Key Players
Table of Contents
Frequently Asked Questions
The annual ICT spending of RBC was estimated at $2 billion in 2022.
The key ICT spending categories by function for RBC are communications, data center, network, applications, end-user computing, ICT service desk, and management.
The key ICT spending categories by channel for RBC are internal development and maintenance, technology vendors (direct), local resellers, telcos, ICT services providers/consulting firms, specialist outsourcers, and systems integrators.
The key external ICT spending categories by segment for RBC are ICT services, software (including cloud SaaS), hardware (including cloud IaaS), ICT services, network and communications, consulting, and others.
The key technological theme in focus for RBC are Artificial intelligence, Cybersecurity, Fintech and blockchain.
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