Royal Bank of Canada (RBC) has established a new Artificial Intelligence and Digital Innovation team within its capital markets division, as the country’s largest lender ramps up efforts to use AI for enhancing trading, research, and operational efficiency.
The newly formed team will operate out of New York, Toronto, and London, and report to Lindsay Patrick, who has been appointed Chief Strategy and Innovation Officer. The move marks a strategic shift in how RBC intends to position itself in the global financial services landscape as AI adoption accelerates across the banking sector.
Bobby Grubert, who previously worked on RBC’s flagship generative AI platform Aiden and the bank’s data-driven research tool RBC Elements, will lead the unit as Head of AI and Digital Innovation, reporting directly to Patrick.
Strategic AI Push
RBC has been steadily expanding its AI capabilities. In March, the bank revealed it expects to earn up to C$1 billion ($722 million) from AI investments, underscoring the technology’s importance in the bank’s future growth strategy.
“We are betting on AI to speed up training, streamline processes, and improve overall efficiency,” said CEO Dave McKay, who also noted positive feedback from technology partners, including Nvidia CEO Jensen Huang.
Within capital markets, RBC has already been leveraging Aiden — developed in collaboration with research institute Borealis AI — to automate electronic trading, improve operational workflows, and enhance data analytics.
Derek Neldner, Head of RBC Capital Markets, said Aiden is being used to scale front-to-back automation, improve electronic execution, and deliver data-powered research and insights.
Industry-Wide AI Race
RBC is among several major banks globally accelerating their investment in AI to:
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Automate document processing and customer interactions,
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Enhance fraud detection and compliance,
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Improve research delivery and trade execution.
Rival Bank of Montreal (BMO) has also appointed a Chief AI and Data Officer, and other Canadian and global banks are rapidly building out internal AI capabilities.
By formalizing its AI strategy within a dedicated team, RBC is aiming to consolidate its early leads and position itself at the forefront of AI-driven capital markets innovation.