Most of RBC's AI tokens come from its own tech stack: McKay

Royal Bank of Canada (RBC) continues to advance its artificial intelligence (AI) strategy, with CEO Dave McKay emphasizing that most of the bank’s AI capabilities are derived from its proprietary technology stack. Over the past decade, RBC has invested heavily in AI research and development, including the establishment of RBC Borealis AI research center. This long-term commitment has enabled the bank to develop in-house platforms such as Lumina, an enterprise data and AI platform, and Aiden electronic trading platform.

McKay highlighted at an RBC-hosted industry conference that the bank is not only on track with its AI-driven goals but, in many areas, ahead of expectations. He noted that AI influencing every aspect. The bank’s AI initiatives are also expanding within its investment banking division, where research analysts are using AI tools to cover more companies—rising from 1,500 in 2023, with a target of 2,500.

To further accelerate AI adoption, RBC recently announced the creation of the AI Group, a dedicated team led by Bruce Ross, former group head for technology and operations. The AI Group is tasked with scaling high-potential AI use cases across the organization and is positioned as a key driver of future growth. RBC executives project that AI-related initiatives will generate between CAD $700 million and CAD $1 billion in combined revenue and cost savings by 2027.

The bank’s AI progress has been recognized globally, with RBC ranking third on Evident AI Index among 50 global banks for four consecutive years. Analysts have also positioned RBC as a leader in AI implementation within Canada, citing its early adoption and substantial investment in the technology.