RBC Capital Markets Forms New AI Team in Canada
By Nivedita Balu
TORONTO () – The capital markets division of Royal Bank of Canada has created a new Artificial Intelligence and Digital Innovation team, betting on AI to drive future growth, according to the Canadian bank’s statement made on Wednesday.
The team, which has centers in New York, Toronto, and London, will be reporting to the recently named Chief Strategy and Innovation Officer, Lindsay Patrick.
RBC has named Bobby Grubert as the leader for AI and Digital Innovation, with him reporting directly to Patrick. Grubert was instrumental in developing Aiden, RBC’s inaugural generative AI tool, along with RBC Elements, which leverages data for enhanced research capabilities.
RBC stated that the new team will comprise specialists drawn from international markets as well as various groups within the bank.
In March, RBC stated that it anticipates earning as much as approximately CAD 1 billion ($722.02 million) through its artificial intelligence initiatives, highlighting the crucial part this technology will have in driving the expansion of Canada’s biggest banking institution in its upcoming development stage.
In March, CEO Dave McKay informed investors that the bank’s technological advancements have garnered favorable feedback from individuals such as NVIDIA CEO Jensen Huang. The company is placing its bets on artificial intelligence to accelerate training times, improve process efficiency, and achieve various other goals.
Derek Neldner, who leads RBC’s capital markets division, highlighted that the unit has been expanding and utilizing Aiden, RBC’s GenAI tool created in collaboration with research organization Borealis AI. This technology is being applied to areas such as electronic trading, automating processes from front office to back office, and conducting data-driven research and analysis.
Artificial intelligence is emerging as an essential instrument for financial institutions worldwide, enabling them to enhance client interactions, manage document processing, identify suspicious activities, and automate various routine tasks.
The Royal Bank of Montreal has similarly appointed a Chief Artificial Intelligence and Data Officer, whereas other financial institutions have mentioned they are investing to enhance their capacities.
(1 USD equals 1.3850 Canadian dollars)
(Reported by Nivedita Balu in Toronto Editing by Matthew Lewis and David Gregorio)