RBC’s Global Asset Management invests $20 million to establish in-house innovation lab

RBC Global Asset Management (RBC GAM), the asset management division of RBC, announced that it will launch a new RBC GAM Innovation Lab, an in-house technology hub dedicated to enhancing digital capabilities and innovation within the firm.

RBC GAM said it has committed initial funding of $20 million over the next five years to establish the lab and fund its initiatives. The hub will concentrate on developing “next-generation” tools to provide better experiences and solutions for both investors and financial 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 of RBC GAM. “Our new Innovation Lab is a reflection of this philosophy.”

“The culture of RBC Global Asset Management revolves around innovation, continual learning and harnessing the power of human and machine.” – Damon Williams, CEO of RBC GAM.

According to RBC GAM, the new lab will also partner with RBC’s network of experts in digital technology, analytics, and machine learning as it develops plans and solutions for RBC GAM’s retail and institutional businesses and investment capabilities.

In addition to announcing the new lab, RBC said it has completed its acquisition of Wiser Investments, a Toronto-based FinTech that provides a white labelled digital platform for advisors. Wiser’s founders and employees are joining RBC GAM as of Wednesday, and they will work with RBC GAM’s team to accelerate the innovation lab’s work.

“At RBC, we’re changing the way we work to reimagine the future of financial services,” said Gabriel Woo, vice-president of 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.”

In recent months, RBC has announced several initiatives to affirm its move towards innovation, including a face-to-face video banking feature that allows its enterprise clients to connect with RBC. In February, RBC’s CEO Dave McKay said RBC wants to spend at least 40 percent of its overall tech budget on innovation, such as AI and blockchain.