A new digital solution from RBC aims to connect bank clients with investment advisors in real time.
RBC clients can use the MyAdvisor digital platform to connect with an investment advisor over video, and view savings and investment goals together during the chat.
MyAdvisor comes out of RBC’s Toronto-based innovation lab, which will solicit feedback from pilot participants in Ontario to shape the final product ahead of a full national launch.
“This is proving to be a very powerful financial advice experience for our clients, as they manage their financial goals using our digital capabilities and our advisors’ expertise. MyAdvisor demonstrates what being a digitally-enabled relationship bank is all about, combining the convenience of digital access and the personalized advice of our advisors,” said Michael Walker, vice-president and head of mutual funds distribution and RBC financial planning, in a statement. RBC plans to launch MyAdvisor across Canada by mid-2017.
The pilot is launching as big banks try to compete with nimble startups offering unbundled, customer-focused services like Wealthsimple; on The Disruptors last year, CEO Mike Katchen said BMO has tried to build its own version of Wealthsimple, called SmartFolio.
“For us, nothing could be more validating about the business that we’ve built,” said Katchen at the time. Since then, Wealthsimple has made its own moves to target wealthier investors with the launch of Wealthsimple Black.
According to a recent report, RBC is one of the leading banks in Canada for embracing innovation. In the past, the bank said it wants to dedicate 40 percent of its tech budget on innovation.
This article was originally published on MobileSyrup