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RBC, Scotiabank leading banks in Canada for embracing fintech innovation

RBC, Scotiabank leading banks in Canada for embracing fintech innovation

Posted by PanamericanWorld on March 03, 2017

recent report from research firm International Data Corp (IDC) has ranked RBC and Scotiabank as the top Canadian banks focused on embracing FinTech strategies and initiatives. 

IDC’s report assessed Canadian banks on a five-point scale to determine maturity and readiness of the banks when it comes to embracing FinTech, based on their public statements and actions. IDC also analyzed how each major Canadian bank views the important and urgency of moving to digital banking.

Bloomberg reports RBC and Scotiabank scored the highest overall ranking (four checkmarks out of five) in areas such as their willingness to tackle FinTech issues, and establishing digital development hubs. 

RBC received the highest ranking for acquiring expertise, funding external research, establishing a research organization, and focusing on artificial intelligence and big data. The Toronto-headquartered bank has recently announced several initiatives to affirm its move towards digital banking, including a face-to-face video banking feature that allows its enterprise clients to connect with RBC. Last month, RBC’s CEO Dave McKay said RBC wants to spend at least 40 percent of its overall tech budget on innovation such as AI and blockchain. 

In October 2016, RBC Insurance became LEAGUE’s first partner to underwrite its offerings of a new suite of insurance products. The bank also collaborated with the University of Toronto to launch a new accelerator, ONRamp, to provide more space for incubating startups.

Similarly, Scotiabank has also been striving to embrace digital banking, through initiatives like its Digital Factory, an incubator dedicated to finding solutions for digital banking experiences. In December 2016, Scotiabank became the first Tier 1 bank to leverage Sensibill’s receipt management platform; the startup announced today that it raised $17.3 million

Last month, Scotiabank partnered with AI startup DeepLearni.ng to change the way the bank receives payments when clients miss a credit card payment. 

While banks like Scotiabank and RBC are making moves in FinTech, IDC’s report indicated that other Canadian banks are lagging behind. The report stated that Bank of Montreal, Canadian Imperial Bank of Commerce, and Toronto-Dominion Bank each scored two check-marks out of five.

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