2019 BAI Global Innovation Award Finalist

BAI Global Innovation Awards 2019 finalist Royal Bank of Canada

Business Model Innovation

Royal Bank of Canada (RBC) – Canada
RBC Ventures

RBC Ventures is a wholly-owned subsidiary of the Royal Bank of Canada, and takes a portfolio approach of build, buy, invest and partner to achieve its goals. RBC Ventures operates as an internal incubator within the RBC. To maximize speed to market and minimize costs, most ventures are ideated, validated and built in-house, using lean startup methodology and agile principles. The short-term goal of RBC Ventures is to attract users and to convert a percentage to RBC banking customers by engaging with them more frequently, deeply and meaningfully. The longer-term goal is to disrupt the meaning of “bank,” moving RBC from serving part of a customer’s need, to orchestrating entire experiences.