By Nivedita Balu
TORONTO (Reuters) -Royal Bank of Canada’s capital markets wing has established a new artificial intelligence and digital innovation team as it bets on AI to boost future growth, the Canadian lender told Reuters on Wednesday.
The team, with hubs in New York, Toronto and London, will report to newly appointed Chief Strategy and Innovation Officer Lindsay Patrick.
RBC also appointed Bobby Grubert as head of AI and Digital Innovation, reporting to Patrick. Grubert worked on Aiden, RBC’s first generative AI solution, and RBC Elements, its data-powered research capability.
The new team will be formed by appointing talent from across RBC’s global market business, the lender said.
RBC in March said it expects to earn up to about C$1 billion ($722.02 million) from its AI investments, emphasizing the pivotal role the technology will play in the largest Canadian bank’s next growth phase.
CEO Dave McKay told investors in March that the bank’s technology has received positive responses from the likes of chipmaker Nvidia’s CEO, Jensen Huang, and that the lender is betting on AI to speed up training, streamline processes and more.
RBC’s capital markets head, Derek Neldner, noted that the unit has been scaling and leveraging Aiden, RBC’s GenAI solution developed in partnership with research institute Borealis, for electronic trading, automation of front-to-back operations and data-driven research and insights.
AI is becoming a key tool for banks globally, which are using it to streamline customer communications, process documents, spot fraudulent activity and automate other mundane tasks.
Rival Bank of Montreal also named a chief AI and data officer, while other banks have said they are making investments to boost their capabilities.
($1 = 1.3850 Canadian dollars)
(Reporting by Nivedita Balu in TorontoEditing by Matthew Lewis)
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