RBC Plans $3.2b Technology Budget to Attract Customers to Adopt its Digital Offerings

RBC Plans $3.2b Technology Budget to Attract Customers to Adopt its Digital Offerings

General News
June 14, 2018 by Sandra Onyeiwu
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Royal Bank of Canada (RBC) plans to spend $ 3.2 billion this year on technology that includes artificial intelligence, digital products and social networks to attract more than 2.5 million new customers seeking more digital banking services. The plan was revealed at a meeting of investors in Toronto, where Chief Executive David McKay established a
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Royal Bank of Canada (RBC) plans to spend $ 3.2 billion this year on technology that includes artificial intelligence, digital products and social networks to attract more than 2.5 million new customers seeking more digital banking services.

The plan was revealed at a meeting of investors in Toronto, where Chief Executive David McKay established a series of growth targets and an expanded technology budget.

“We’ve done this amazing franchise over time with all this sales power, but we’re frustrated,” Chief Executive David McKay said on Wednesday during an investor event in Toronto. “We are number 1, the client tells us that we are number one, experts like Retail Banker says that we are number one in the world, but we do not believe that enough Canadians are using our services.”

The lender identified a wide range of initiatives and expectations for its banking and wealth businesses in Canada for the coming years. Among its objectives, the Toronto-based company set the goal of adding customers up to three times the actual rate.

On behalf of RBC, the bank has echoed this strategy, promoting the use of new technologies such as artificial intelligence (AI), digital services and social networks.
The bank is also targeting more than $ 1bn in cost savings as a result of increased automation and system consolidation.

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