Royal Bank of Canada commits $3.2bn for technology development, partners with WestJet

Royal Bank of Canada (RBC) has announced it plans to spend $3.2bn on technology to attract digital customers. The company will invest heavily this year on AI, digital products and social media.

It hopes that this will attract more than 2.5mn new banking customers in Canada by 2023, according to an announcement made on Wednesday at an investor event in Toronto.

BNN Bloomberg reported the news, stating that RBC already has number one market share in the country in personal loans, credit lines, mutual funds, business loans and deposits.

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In addition, the company has entered into a partnership with WestJet Airlines Ltd. The companies hope to create a new loyalty programme to attract customers as an alternative from the currently unpopular Aeroplan program.

Aeroplan is currently offered by Air Canada, which according to the Globe and Mail hopes to replace the system by the end of 2020, but WestJet hopes to swoop in and win these unhappy customers over before then, with RBC’s help.

The firms announced on Wednesday that they will launch the Amply loyalty platform which includes offers and rewards for customers by the end of 2018.