RBC Invests $20 Million to Establish In-house Innovation Lab
RBC Global Asset Management (RBC GAM) announced this week the creation of a new RBC GAM Innovation Lab, an in-house technology hub to incubate digital capabilities and drive innovation.
The RBC GAM Innovation Lab will focus on developing and executing next-generation initiatives to enhance the experience and outcomes of investors and advisors.
“The culture of RBC Global Asset Management revolves around innovation, continual learning and harnessing the power of human and machine,” said Damon Williams, CEO, RBC GAM. “Our new Innovation Lab is a reflection of this philosophy.”
RBC GAM has committed initial funding of $20 million over the next five years to establish the Innovation Lab and fund its initiatives.
“We are committed to strengthening our industry-leading position in investment expertise and technology,” said Doug Coulter, President, RBC Global Asset Management Inc. “Our Innovation Lab will help us enhance the value we offer to investors and advisors as Canada’s leading provider of investment solutions.”
As a foundational component of the Innovation Lab, RBC has completed the acquisition of Wiser Investments, a Toronto-based financial technology firm. Wiser’s founders and employees have joined RBC GAM, bringing the firm’s expertise and intellectual capital to RBC.
“At RBC we’re changing the way we work to reimagine the future of financial services,” said Gabriel Woo, Vice President, Innovation at RBC.
“We actively seek new ideas and approaches, so we’re also collaborating with emerging technology partners to tackle some of the most interesting opportunities to better serve our clients. We’re thrilled to bring onboard the skilled talent and proven expertise of Wiser Investments, which will form a solid foundation for RBC Global Asset Management’s Innovation Lab.”