(14 June 2018 – Canada) Royal Bank of Canada has announced a plan to spend $3.2 billion on technology this year in a bid to attract new customers.
The bank wants to use new technology such as artificial intelligence, digital services and social media to add 2.5 million new customers by 2023, a threefold increase on its current rate of customer acquisition.
RBC has released a number of new digital services in the last year via its RBC Ventures division, including a financial advice app and a digital platform for small businesses.
Chief executive David KcKay has stated his belief that banks must diversify their offerings beyond traditional financial services in order to remain relevant to customers and to see off the threat from big tech companies and e-commerce platforms.