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RBC Ventures was recognized in two categories of the 2019 BAI Global Innovation Awards, a prestigious awards program that celebrates the most transformative solutions in the financial services industry worldwide. RBC Ventures was recognized in two categories of the 2019 BAI Global Innovation Awards, a prestigious awards program that celebrates the most transformative solutions in the financial services industry worldwide. We are building new ventures, acquiring growing firms, making investments and partnering with organizations that share our vision. The results are products and services that solve problems and make lives better. We take the energy, agility and entrepreneurial spirit of the startup world, and pair them with the tremendous assets of an established global brand. The result is a unique environment where you can create and deliver groundbreaking concepts that people love. Chief Strategy and Corporate Development Officer Mike is the head visionary for RBC Ventures. In addition to leading our efforts to move beyond banking, he is part of RBC’s Group Executive, which is responsible for setting RBC’s overall strategic direction. He also oversees RBC Bank US, and chairs RBC’s Innovation Council which oversees investments in strategic partnerships and coordinates RBC’s Innovation Labs. Mike joined RBC in 2010 from Capital One in the US where he served as Executive Vice President in the Consumer Banking Segment. Mike also held executive positions with Charter One Bank and Citibank during his 25-year career. Mike and his family are active supporters and fundraisers for WE and other local charities. Mike also sits on the board of directors for Futurpreneur Canada. Mike, his wife, and their two sons live in Toronto. Chief Operating Officer Cheesan has built her career on not losing sight of the forest for the trees. As the Chief Operations Officer at RBC Ventures, Cheesan is focused on making the RBC Ventures vision a reality by articulating and driving our strategic roadmap and enabling the launch and growth of new ventures into market. She drives our culture of innovation and also leads a team of scrappy growth marketers that are driven to build our venture brands from the ground up. Prior to joining RBC, Cheesan co-founded and served as Chief Customer Experience Officer at Idea Couture, building it into a global innovation leader. She is a seasoned business leader and innovator with extensive experience achieving growth through market opportunity, exceptional client experiences and operational efficiency. Cheesan earned an MBA from Western University’s Ivey Business School and a Bachelor of Science from the University of Toronto. She lives in Toronto with her family and spends her free time volunteering and traveling. Head, Business and Health & Wellness ventures As head of both the Business and Health & Wellness ventures, Alison is required to wear many hats as she leads two diverse but connected teams: one focuses on developing products, solutions and partnerships that create exceptional experiences for business owners and the other develops engaging solutions for consumers and businesses to support their personal and employee wellness. Alison made her mark in RBC as the Managing Director of New Business Initiatives for RBC, where she led the identification, evaluation and early development of non-traditional growth opportunities for RBC including RBC’s healthcare strategy. Prior to joining RBC, Alison was the Vice President of Loyalty and Customer Intelligence at Indigo, and was an Associate Partner at Mc Kinsey and Company. Alison has a Bachelor of Applied Science in Engineering Science from the University of Toronto, and her MBA from Harvard Business School. She is also on her 3rd term serving on the board of Camp Oochigeas, a camp for children affected by pediatric cancer. She lives in Toronto with her husband and daughter. Head, Strategic Design and Customer Experience Strategy Hector is the ultimate blend of creative thinking and strategic execution. He and his team works closely with our venture founders and partners to help them discover new business opportunities, conduct research to gain insights on the human experience, and design exceptional and innovative products and services. Hector has worked in consulting at advertising and digital agencies where he created and managed creative service and marketing practices. His clients included Fortune 500 companies such as the Cleveland Clinic, Goodyear, Eaton Corporation, and sport franchises such as the Cleveland Indians and Columbus Blue Jackets. He has also led digital and mobile strategy and delivery teams at large financial institutions such as Capital One, Charter One Bank, and Genworth Financial. Hector has undergraduate and graduate degrees in Visual Communication Design from Kent State University. While he grew up and lived throughout the US, he now makes his home in Oakville, Ontario with his wife and two children. Vice President and Associate General Counsel, Innovation & Digital As RBC Ventures’ legal expert, Lucille and her group work with our teams to navigate through the important legal and regulatory processes to get new ventures into market. Lucille is a veteran to RBC Law Group having been on the team for over 18 years. The breadth of her legal roles across RBC has provided Lucille with a unique lens into the financial and technology sectors that enables her to efficiently and effectively support the work of RBC Ventures. Lucille earned her LLB from the University of Victoria and she also graduated from Wilfrid Laurier University with a Bachelor of Business Administration. Lucille lives in Oakville with her husband and three sons. Vice President, Marketing Throughout his career, Larry has marketed brands through every business phase. In addition to leading marketing for RBC’s Lending and International Banking businesses, he also leads a centre of expertise that supports RBC Ventures with SEO, email marketing, programmatic media buying, social media, and content and media partnerships. For the past 20 years, Larry has worked with a variety of companies from startups and small businesses to large corporations. His career spans both financial services and telecom sectors with Bell Canada and Macquarie Bank being his most recent employers prior to joining RBC in 2011. Larry holds a Bachelor of Commerce degree from Mc Gill University. He earned his MBA degree at the University of British Columbia and completed his final year in Australia at Melbourne Business School. Over the years, Larry has lived in three countries and four Canadian cities; he now calls Toronto home and currently lives in Aurora with his wife and three kids. Managing Director, RBC Capital Partners It’s a bit of a mystery where Barrie finds time to lead venture investments at RBC, serve on the Board of Governors for Havergal College among other boards, and be a husband and father of three wonderful children. What’s never in question is Barrie’s history of success in the venture space. He has served as CEO for numerous companies in the technology, hospitality and manufacturing sectors, as well as founding an independent venture fund that focused on early stage technology investments. At RBC, he oversees our strategic investments and fund investments. D from the University of Toronto’s Rotman School of Management and holds the CPA and CA designations. Director, Communications Jenn loves to write, write, write, and as the communications lead, she spends her time sharing our venture stories both inside and outside RBC. Prior to joining RBC Ventures, Jenn has held various roles across RBC leading the communications of large changes. She’s also held communications roles in telecom, government and lobbying organizations. Jenn is highly addicted to podcasts and is a voracious reader of true crime. She also prides herself on being able to complete the NYT crossword in pen…except on Saturdays. Jenn holds a Linguistics degree from Dalhousie University and an advanced diploma in Public Relations. She lives in Toronto with her partner and their two active little boys. Head, Home Ventures Simon leads our Imagineers in orchestrating cool experiences and solving real challenges to all things home-related. Simon empowers our diverse group of talent and provides the guidance and resources necessary for them to succeed. Previously, Simon was Vice President of Payments and Lending at Tangerine. He also draws on many years of experience from his time at Capital One in Canada and the UK. He spends his off-hours cycling and coaching his three boys in sports and outdoor living. Simon completed the General Management Program for Executives at Harvard Business School and earned a M. Head, Mobility Ventures How can we improve the experience of getting from Point A to Point B? As the head of our Mobility Ventures, Steph leads a team focused on re-thinking the ways we get around and developing solutions that solve common pain points associated with transportation. Before joining RBC, Steph was the Chief Revenue Officer at Higher Me, a startup focused on helping companies optimize their recruitment. Steph was also the co-founder of Talent Egg, a startup focused on connecting Canadian employers with top millennial talent. Prior to Talent Egg, Steph spent six years in the automotive industry where she held roles in sales, dealer financing, portfolio management and risk. Outside the office, Steph serves on the Advisory Board of Our Children's Medicine, a social enterprise that connects Indigenous and underserved jobseekers achieve sustainable employment. Steph lives in Toronto with her family and on the weekends you can find her spending time with her toddler. Head, Human Resources Erin has dedicated her career to finding and unleashing the best digital, analytical and product talent. She leads the Human Resources team at RBC Ventures where she obsesses about building and motivating a high performing team. Before joining RBC Ventures, Erin was the Head of HR for Branded Cards at Capital One in Toronto. In this role, she played pivotal leadership roles in the “software studio” build and in Capital One Canada’s agile transformation. Erin completed her undergrad in Political Studies at Queen’s and her Masters of Human Resources at York. She spends her off-hours entertaining friends, running and playing soccer. Erin lives in Toronto’s Danforth area with her husband and two young kids. Head, Fintech Corporate Development Say hello to Jonathan, our Head of Fintech Corporate Development. In addition to identifying partnerships to help accelerate our innovation strategies, Jonathan is constantly on the hunt for potential investments and acquisition opportunities that align with RBC Ventures’ areas of focus. Jonathan joined RBC Ventures from RBC Corporate Development where he was responsible for sourcing, evaluating and negotiating corporate merger and acquisition activities and strategic alliances for RBC’s domestic and international business platforms. He holds an undergraduate degree from the University of Waterloo with CPA, CA, and CBV designations. Vice President, Ventures Technology Despite being the head of Technology at RBC Ventures, Dave is first and foremost a people person. In his role, he oversees the team of high-performing tech leads and engineers to build our Venture Founders’ vision using the latest tech stack. Dave has been managing software teams and delivering innovative infrastructures, consumer-facing services and licensed software for over 25 years in large corporations, small to midsized private companies, midsized public companies and venture backed start-ups in Silicon Valley, Toronto, New York, Tel Aviv and Waterloo. Most recently, Dave was the Senior Vice President of Engineering at Kik. Prior to Kik, he was the Chief Technology Officer at Points, delivering loyalty commerce Saa S solutions and a self-service platform that enabled crowdsourcing of innovation for the loyalty industry. Dave lives in Toronto with his wife and their three sons. When not working, he loves to fish and spend time at the family cottage. Having spent a number of years living and working across Canada, US, and Asia, Gabriel now lives in Toronto with his wife and their three young children. He is a graduate of the University of Waterloo in Math and Computer Science. Head, Consumer Ventures Every team needs a visionary, and Gabriel Woo is that person for RBC Ventures in the consumer space. As head of the Consumer Ventures group, he is focused on connecting businesses to tens of millions of consumers and building platforms and services beyond banking to help people save time, save money, and simplify their daily lives. Before joining RBC Ventures, Gabriel led innovation at RBC. He also co-founded and continues to oversee Borealis AI, an RBC Institute for Research dedicated to fundamental and applied research in artificial intelligence (AI) and machine learning. Rbc ventures royal bank online RBC Ventures is going beyond banking to solve real-world problems and transform the way you live. RBC supports innovation and the development of transformational technologies through the direct investment in startup, early and growth-stage companies as well as indirectly through limited partnership fund investments. RBC’s approach is to co-invest and partner with other venture capital firms as a minority investor in companies. To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser. If you have an ad-blocker enabled you may be blocked from proceeding. DRIVE, powered by RBC Ventures, was created to help you stay up-to-date with recall notifications, check your estimated vehicle value, book your next service appointment, save your service records, plus much more.


There’s a company in Toronto that has built programs to help new immigrants, keep track of car maintenance and tell homeowners what day to haul their trash to the curb. But the firm isn’t a software developer — it’s one of Canada’s biggest banks. Royal Bank of Canada has spent more than two years building a fintech startup within its operations. now has about 150 employees working on nine projects in various stages of development out of a glass office tower near Toronto’s waterfront, two blocks south of the bank’s headquarters.“We want to be known as the bank that goes beyond banking,” Mike Dobbins, who oversees corporate development at Royal Bank, said in an interview in his 17th-floor office at Water Park Place. “My goal today is to build wonderful products that lots of people find useful. And if we get that right, I believe we have the pathways to grow more core clients.”The efforts are partly a response to technology companies encroaching into areas once dominated by banks. Royal Bank cited home-remodeling website Houzz Inc., online-store provider Shopify Inc. as examples of initiatives that could have been developed by banks capitalizing on access to clients and their data. Canada’s second-largest lender by assets unveiled RBC Ventures at a June 13 investor event, where executives outlined a goal of attracting 5 million users to its digital offerings within five years, and ultimately converting 10 per cent into full-fledged banking clients. That would translate into 500,000 customers to contribute to Royal Bank’s objective of adding clients at triple its current rate. According to Dobbins, the aim is to reach people before they require banking services.“If it works, it’s actually a really interesting concept — I don’t know of a bank that has really tried to engage in this manner before,” CIBC World Markets analyst Robert Sedran said in an interview. “The idea of trying to engage with consumers before they’re customers is an innovative way at getting at the potential customer earlier, and it provides them an advantage.”One example is RBC Ventures’ Arrive, which offers an internet portal for immigrants before they reach Canada and set up bank services. The initiative offers foreigners live chats and video calls with settlement experts from the nonprofit Centre for Education & Training, and a digital to-do list for their journey. Royal Bank is testing Arrive on people from India, and the team behind the effort has gone as far as picking up new arrivals at the airport to ask them questions about their needs to improve the product. Drive, meanwhile, is a mobile app marketed as a “digital glove box” for your vehicle, keeping track of maintenance records, insurance details, recall notices and the vehicle’s value while also linking to outside services such as booking repairs with auto dealerships or tire service at home. Drive, introduced last year, has a 3.9-star rating out of five on Google Play’s app store. As of June, more than 800 auto dealers had signed on to the service, and more than 50,000 autos had been registered. About 300,000 users are signed up for RBC Ventures services so far, according to the bank. The initiatives have been built in-house with the exception of Move Snap, a “personal moving concierge” for real estate brokers to help their clients simplify residential relocation, which was acquired by the bank. The app has been focused on Greater Toronto, where it was used in about 40 percent of the moves in the past month, Dobbins said. Royal Bank is looking at expanding Move Snap to other cities. Other efforts under development include Butter, a website that organizes subscriptions; Finfit, a mobile app that aggregates bank and credit cards to monitor spending and credit scores; Ownr, a website that helps entrepreneurs start a business and design logos; and Get Digs, which facilitates payments between renters and landlords. The most surprising success for Royal Bank has been Garbage Day, an email-and-text notification service that tells homeowners when to put out trash and recycling for curbside pickup. About 68,000 people in greater Toronto, Kitchener-Waterloo and greater Vancouver have signed up for Garbage Day, according to Royal Bank.“When we looked at what things customers really wanted reminders about, this one item really, really resonated,” Dobbins said. “It went pretty viral.”Garbage Day has been incorporated into an RBC Ventures program under development called Home Sprout, which helps homeowners manage and maintain their home. Those who signed up for Garbage Day can now join Home Sprout, Dobbins said. Not everything may endure, Dobbins said.“As you build these out, part of this journey is finding things that people truly love,” he said,. “You have to expect that you’re going to pivot, you’re going to learn certain things, you’re going to adjust.”Dobbins said he hopes some ventures will expand beyond Canada into the U. S., where Royal Bank has operations including an online bank and its Los Angeles-based City National unit.“We have put chips down in all of the places we should,” he said. “We believe that this will add significantly to the accelerated growth that we’re looking for over the next five years.”Royal Bank has the heft to take a chance on such fintech initiatives and risk failure without hurting the bottom line, according to CIBC’s Sedran.“Failure is not getting the customer penetration they’re hoping for. Failure is dollars spent with no material advantage gained,” he said. “The luxury of their size and scale is that they have the ability to do some of this and not worry as much about what kind of tail-risk they’re taking on.” Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our community guidelines for more information and details on how to adjust your email settings. The head of Royal Bank of Canada says the lender is gaining ground in a customer-acquisition offensive it launched earlier this year. RBC announced in June that it was aiming to add more than 2.5 million Canadian customers by 2023, and that it would use digital initiatives such as its app-building RBC Ventures unit to get there. On Wednesday, RBC president and chief executive officer Dave Mc Kay said they had acquired 300,000 new Canadian banking clients in 2018, in addition to recording 350,000 registered users for RBC Ventures.“With the momentum we’ve built, I’m confident that we’ll achieve our client growth target of adding 2.5 million customers in 2023,” Mc Kay added. But RBC is not the only Canadian bank with an eye on growing its customer base in an already competitive market at home. Both Bank of Nova Scotia and Bank of Montreal have said they are each targeting one million new Canadian customers for their businesses over the next five years, potentially pitting the lenders against each other as they try to achieve their goals. RBC also reported a record $12.4-billion profit on Wednesday for the year ended Oct. 31, an eight-per-cent increase over the prior year. Even with the record earnings, the Toronto-based bank noted that it still may have extra capital it could use to try to generate more growth. RBC reported that its common equity tier one capital ratio, a measure of financial strength, was up 60 basis points year-over-year, to 11.5 per cent, thanks to internal capital generation and a few risk-related tweaks.“We are well-positioned to continue funding growth opportunities and to return capital to our shareholders,” Mc Kay said. RBC’s chief financial officer, Rod Bolger, added later that the bank had allowed the CET1 ratio to rise a bit in order to absorb the impact of some upcoming regulatory changes, which are anticipated to soak up around 10 to 15 basis points of capital. Even so, Bolger said the bank’s CET1 ratio would stay slightly above its usual 10.5 to 11 per cent target range, “to provide us more flexibility in 2019 to leverage opportunities for growth across our businesses.”That said, the bank’s focus appears to be on internal opportunities first, not necessarily acquisitions that may prove too pricey at the moment.“We’ve got a lot of opportunity to grow organically,” Mc Kay told analysts on the call when asked about M&A. 31, RBC saw particularly rapid growth from its wealth management business, as the unit recorded a 23-per-cent increase in its earnings compared to fiscal 2017, rising to nearly $2.3 billion. In personal and commercial banking, RBC said net income was up by five per cent, to $6 billion, which was helped along by higher interest rates and higher credit-card purchase volumes. RBC said the jump was driven by a growing average amount of fee-based client assets, as well as an assist from higher U. The bank reported results for its fourth quarter ended Oct. 31 as well, which saw earnings increase by 15 per cent to $3.25 billion, powered by the performances of a majority of the lender’s businesses, such as a 20-per-cent increase in year-over-year net income for its insurance unit, to $318 million. RBC reported earnings per share of $2.20 for the quarter, up 17 per cent from a year ago, and managed to beat analyst expectations for the three-month period by reporting adjusted earnings per share of $2.24.“Beauty is, to an extent, in the eye of the beholder given lots of moving parts this quarter; however, our view is that these results should be viewed as a modest beat,” wrote Eight Capital analyst Steve Theriault in a note. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our community guidelines for more information and details on how to adjust your email settings. Rbc ventures royal bank rrsp Mike Dobbins. Chief Strategy and Corporate Development Officer. Mike is the head visionary for RBC Ventures. In addition to leading our efforts to move beyond banking, he is part of RBC’s Group Executive, which is responsible for setting RBC’s overall strategic direction. RBC wins two BAI Global Innovation Awards. RBC Ventures was recognized in two categories of the 2019 BAI Global Innovation Awards, a prestigious awards program that celebrates the most transformative solutions in the financial services industry worldwide. read the rest of the story. Watch the video. Created with Sketch. RBC Ventures is going beyond banking to solve real-world problems and transform the way you live. Sometimes visionaries need champions to help them make their dreams a reality. RBC supports innovation and the development of transformational technologies through the direct investment in startup, early and growth-stage companies as well as indirectly through limited partnership fund investments. RBC’s approach is to co-invest and partner with other venture capital firms as a minority investor in companies. We also help entrepreneurs grow their businesses through commercial arrangements, which give our portfolio companies as well as limited partnership investments access to the immense resources and assets the bank and its affiliates have to offer. We are primarily focused on investments in the fintech, AI, data analytics, commerce and payments, information security, enterprise IT, marketing and customer experience sectors. An Austin, TX-based company that has developed a proprietary platform using AI and Machine Learning to create a personalized approach for consumers looking to buying residential real estate. RBC is partnering with OJO to improve the way Canadians find and buy homes. A Toronto-based leading identity verification and authentication provider developing a digital identity network, Verified. Me, that extends the power of chip-based identity technologies to online and mobile transactions. A Toronto-based i Pad point of sale and integrated payments solution built for restaurant people, by restaurant people, with every feature designed to meet the unique needs and fast pace of the food service industry. A San Francisco-based pioneer in providing consumer home equity financing solutions to give home owners and buyers increased financial flexibility. RBC is partnering with Unison to offer its solutions in the Canadian market. A Toronto-based company delivering cloud accounting software to small- and micro-businesses providing access to payments and other financial solutions. RBC has integrated Wave’s software into its online business banking platform. A Silicon Valley-based automotive mobility service platform that dispatches car repair and maintenance services to fleets and consumers at their location of choice in over 50 major metropolitan areas in US. RBC is partnering with Your Mechanic to bring them into the Canadian market and to integrate Your Mechanic into the DRIVE solution.