Case Studies : ROYAL BANK OF CANADA’S SOFTWARE WOES
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| Royal Bank of Canada |
Founded
in 1864 and chartered in 1869 as the Merchants’ Bank of Halifax, Royal Bank of Canada
(RBC) took its current name in 1901. In 1941, based on its total assets of $1 billion,
RBC became Canada’s largest bank. Twenty years later, RBC installed its first computer,
making it the first bank in Canada to employ such technology. In October 2003, the
organization had 60,000 employees, totaled $413 billion in assets, and served 12
million customers. Including worldwide operations, RBC has spent $1.6 billion on
technology.
