Royal Bank Canada is one of Canada’s largest banks and one of the largest banks in the world. They are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis.
As a longstanding supporter of Canada’s thriving technology sector, RBC plays an active role in helping entrepreneurs innovate in their industries. Their tailored advice helps startups and small businesses manage and grow their companies.
As a supporter of LiON’S LAIR and Innovation Factory, RBC is in tune with innovation in Hamilton. We chatted with RBC about some of their resources tailored for entrepreneurs and how they are disrupting personal and corporate banking.
Our partners make LiON’S LAIR possible. Because of their support, local entrepreneurs are able to reach their goals faster. We are proud to feature invaluable tips, advice, and information from our partners for startups and small businesses in Hamilton!
What are some resources RBC provides for entrepreneurs looking to start a business?
Each entrepreneur is unique, which is why our experienced advisers provide relevant information and tailored advice to help them start a business. In addition, we help aspiring entrepreneurs with our Starting a Business guidebook, guidance on developing a business plan and tips and tricks on RBC.com/discover. We also support Futurpreneur who in turn provides financing, mentoring and support to aspiring business owners aged 18-39.
What are some common misconceptions about starting a business?
A common misconception people have, is that people hold off on starting a business until they have a big idea. We saw in a recent RBC Small Business Poll that less than half (43 per cent) of business owners said that having a great idea for a business is what drove them to start a business. In fact, 64 per cent of business owners say that they started a business because the opportunity presented itself. Pairing opportunity with a solid business plan and advisory network of trusted professionals can help entrepreneurs convert that opportunity into success.
How is RBC innovating personal and business banking with emerging or disruptive technology?
We’re committed to providing clients with exceptional experiences when, how and where it’s most convenient for them, including exploring ways to integrate into social networks and digital platforms that are essential to their everyday lives. For example, we were the first Canadian bank to offer remote video banking for small business clients, ensuring they can have a face-to-face connection with RBC if they are unable to visit a branch. We were also the first Canadian bank to launch Interac e-Transfer using Siri voice commands, and just recently our personal banking clients became the first in Canada who can ask Siri to pay their bills on iPhone and iPad. We’re making sure that we not only meet our clients’ changing expectations today, but also to deliver them exceptional experiences and journeys in the future.
Why is it important to RBC to be a part of Ontario’s Innovation Ecosystem?
We believe our focus, investment and partnerships in Canada’s innovation ecosystem will help drive the future prosperity and economic success of the country. Today, we’re one of the leading voices on artificial intelligence in Canada, having established the RBC Research Institute with labs at the University of Toronto and the University of Alberta to push the boundaries of the science around machine learning. We’re also working with leading universities, start-up accelerators and other organizations to support the wider tech ecosystem in Canada, and to partner with the best, brightest and boldest minds we can find.
What does it mean to RBC to support LiON’S LAIR and the work that Innovation Factory does?
RBC has a long standing focus on the technology sector in Canada. For more than 30 years, RBC has provided tailored advice to help innovators start, manage and grow their business. We’re pleased to support LiON’S LAIR and the Innovation Factory and to help position Canada as a global leader in technology and innovation.