Toronto-based RBC Global Asset Management (RBC GAM) announced on Wednesday that it will be launching the RBC GAM Innovation Lab, an in-house technology centre dedicated to enhancing digital capabilities and innovation within the firm.
The Innovation Lab will concentrate on developing "next-generation" tools to provide better experiences and solutions for both investors and financial advisors, the firm says.
"The culture of RBC Global Asset Management revolves around innovation, continual learning and harnessing the power of human and machine," says Damon Williams, CEO of RBC GAM, in a statement. "Our new Innovation Lab is a reflection of this philosophy."
RBC GAM has provided funding of $20 million over the next five years to support the Innovation Lab's initiatives.
The lab will receive added assistance by pairing with Royal Bank of Canada's (RBC) experts in digital technology, analytics and machine learning as it develops plans for RBC GAM's retail and institutional business and investment capabilities.
RBC GAM hopes the recent acquisition of Toronto-based financial technology firm, Wiser Investments, whose founders and staff join RBC GAM on Wednesday, will accelerate the Innovation Lab's achievements.
"At RBC we're changing the way we work to reimagine the future of financial services," says 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."
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