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

By Olivia Minnock

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.

See also:

WestJet CEO Greg Saretsky announces retirement

RBC renamed as Canada’s biggest bank with $1.28trn in assets in Q1 2018

WestJet’s low cost Swoop airline to launch 20th June

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.



Featured Articles

Amelia DeLuca, CSO at Delta Air Lines on Female Leadership

Driving decarbonisation at Delta Air Lines, Chief Sustainability Officer Amelia DeLuca discusses the rise of the CSO and value of more women in leadership

Liz Elting – Driving Equality & Building Billion-$ Business

Founder and CEO Liz Elting Turned Her Passion into Purpose and Created a Billion-Dollar Business While Fighting for Workplace Equality – and Winning

JPMorgan Chase: Committed to supporting the next generation

JPMorgan has unveiled a host of new and expanded philanthropic activities totalling US$3.5 million to support the development of apprenticeship programmes

How efficient digital ecosystems became business critical

Technology & AI

Mastercard: Supporting clients at a time of rapid evolution

Digital Strategy

Why Ceridian has boldly rebranded to Dayforce

Human Capital