RBC on track for up to C$1bn in enterprise value gains from AI

While banks around the world have been racing to capture the benefits of AI, RBC has been particularly keen on harnessing the tech, ranking in the top five of global lenders for publishing research into the subject.

This research has paid off in the shape of initiatives such as the proprietorial Atom model developed by an internal AI research unit, which is now being used to improve credit adjudication capabilities and loyalty programme personalisation.

In March, the bank set itself a target of generating C$700 million to $1 billion in incremental enterprise value from AI by 2027.

In an update this week, it says it has launched several programmes this year using AI for everything from upskilling advisors, to developer productivity to reshaping the mortgage process.

While gross benefits in 2025 have been offset by investments, RBC says it is on target to hit its 2027 target.

Jamie Dimon recently revealed that JPMorgan Chase, another of the top five global research banks, invests $2 billion a year developing AI, with the technology saving the firm about the same amount.