Royal Bank of Canada (RBC), one of the largest banks in North America with more than 17 million clients worldwide, continues to stand out as a leader in financial innovation. With operations spanning personal and commercial banking, wealth management, insurance, and capital markets, RBC has consistently ranked among the world’s strongest and most stable financial institutions.

In this two-part series, Farid Sheikhi, Senior Manager, Analytics Innovation and Data Enablement at RBC, sits down with Clive Smith, Chief Revenue Officer at Datavid, to explore how the bank is transforming its data and AI strategy. The first part of the conversation focused on how RBC is architecting its data and AI foundations for the future.

In this final installment, Sheikhi shares how the bank is operationalizing AI to deliver faster insights, drive measurable outcomes, and foster a culture of data-driven decision-making—while keeping talent, trust, and innovation at the center of its strategy.

Edited Excerpts:

Q: Beyond traditional dashboards and reports, how is RBC enabling business users to act on data-driven recommendations immediately? Can you share a specific example where this has transformed a business outcome for the bank?

One example is where we revamped an onboarding workflow. GenAI now provides document summaries and prefilled insights for credit advisors or HR teams when they onboard new hires or manage exits. What used to take 45 to 60 minutes is now done in under five minutes, with greater accuracy. These changes not only save time but also improve satisfaction for advisors and stakeholders, while ensuring consistency and enhancing our client experience.

Q: Looking at the competitive landscape and emerging technologies, what excites you most about the future of data and analytics in banking? What should other CDOs be preparing for?

The future is about decision velocity and ethical intelligence. As financial services become more digital and personalized, the organizations that can combine speed, trust, and insight will lead. What excites me most is the rise of human-AI collaboration — where insights are generated continuously and organizations can adapt in real time. To sustain this, we need AI governance that’s as agile as the models themselves, and teams that are empowered, not replaced, by intelligent systems.

Q: Since you mentioned teams and people, how have you fostered data literacy and a culture of AI adoption across the business?

Culture is the multiplier, and it’s often undervalued — especially in high-tech organizations that focus mainly on technology and processes. People are the main pillar. We built data enablement programs centered on role-based learning, storytelling with data, and peer coaching. We work with business units early to co-create solutions rather than impose them.

For us, success isn’t when a model is deployed — it’s when a user acts confidently based on it. That’s the shift from awareness to ownership, and it only happens when people feel supported, not overrun.

Q: How do you attract and retain AI talent in such a competitive market?

It starts with a mission. Talented people want to solve meaningful problems, and few places offer the scale, impact, and complexity of a bank like RBC. We foster an innovation culture within guardrails, with sandbox environments for safe experimentation. We bring together cross-functional squads that include legal, risk, and ventures, all committed to transparency. Our strategy is hybrid—we grow talent from within and also partner with academia and startups. We invest in early-stage companies and build tech ecosystems that keep us fresh, agile, and attractive to top talent.

CDO Magazine appreciates Farid Sheikhi for sharing his insights with our global community.