Head of Innovation
As a member of City National's Senior Leadership Group, the Technology Innovation Manager will play a key role in driving innovation and thought leadership for the enterprise. This role will report to the Manager of Corporate Technology and coordinate with the bank's Manager of Corporate Strategy, Manager of Enterprise Architecture, Chief Information Security Officer, Corporate Development and generally liaise with IT and bank executives. Key responsibility will be to build and lead CNB's Innovation Team to discover and implement innovative solutions to serve CNB's high net worth and corporate client base. In addition, the Innovation manager will coordinate and track innovation related activities, for both client and colleague facing technology, with City National Bank's parent company, the Royal Bank of Canada. This role will be a member of RBC's Innovation Team with the goal to identify concepts, products, and technology that can be leveraged by CNB. In addition the Technology Innovation Manager will support Innovation activities in support of City National Rochdale (CNR), and coordinate with the RBC US Wealth Management and the Global Wealth Management business in Canada.
The CNB Technology Innovation Team will coordinate with the appropriate internal stakeholders and help prioritize innovation business cases that will help enable City National's business objectives. This effort will include working extensively with RBC resources, Venture Capital firms, Fintech companies, select vendors, CNB executives, and clients. The team will also track CNB's universe of competitor's current state of technology, innovation related investments and activities (Fintech or otherwise).
The Technology Innovation Manager will closely track and leverage RBC's innovation activities and solutions, to help CNB meet emerging market, client and colleague needs. In addition the role will be responsible to track relevant competitor innovation and Fintech activities and investments. The Technology Innovation Manager will partner with business units across CNB, CNR, RBC US Wealth Management and Global Wealth Management, to infuse thought leadership identifying innovative opportunities that align or can accelerate our business strategy. As the leader for technology innovation activities at City National the Technology Innovation Manager is anticipated to think and act in the wider context and interests of the enterprise, and manage their team to develop a strong collaborative working relationship within CNB and with the RBC Innovation Team.
- This role will build and manage a small team to support CNB's innovation activities. It will ensure that the team provides coverage of broad CNB and CNR needs, strong awareness of RBC innovation activities and related CNB opportunities and stays in close partnership with RBC US Wealth Management.
- This role will work closely with RBC's Innovation Teams including having access to their Innovation Labs. This role will also collaborate with CNB and CNR executives and work closely with CNB managers of strategy, with the CNB Fintech Investment team and other managers across the enterprise. In addition, the manager work with RBC partners (US Wealth Management, Global Wealth Management, and Technology & Operations) to establish priorities around business needs based on opportunities being identified by RBC's Innovation Team.
- Track and report on the innovation activities of key competitors. Develop relevant strategies to address any major competitive gaps.
- Provide ongoing updates and reports to senior management regarding City National's innovation activities, including collaboration efforts with RBC, and their applicability to CNB.
- Support and facilitate City National's transformation and ideation efforts related to innovation activities, including internal awareness campaigns, ensuring needs are tied to strategy/budget plans, and identifying internal sponsors. This will include activities occurring at CNB as well as at RBC.
- Work within the organization, interfacing with managers and other colleagues to understand the RBC portfolio of solutions and products in order to consider relevant potential innovation opportunities.
- Act as liaison with RBC, business partners, Venture Capital firms, Fintech companies, business units, and clients.
- Maintain current knowledge of developments, trends, competitive environment, and regulatory change in the financial services and technology industries. This includes shifts in client preferences, emerging threats/opportunities, and core financial drivers that will positively impact revenue and drive efficiencies.
- Build relationships across RBC, CNB Corporate Development functions and CNR to identify potential Fintech innovation opportunities. Correspondingly, be familiar with objectives for investment bank, private equity, or venture capital activities.
- Create ongoing updates and recommendations, with relevant supporting materials, documentation, business cases, and thorough analysis to senior management on the Fintech innovation opportunities identified with RBC.
- Facilitate the development of City National's innovation strategy and ensure alignment with the long term objectives of the business.
- Partner and consult with senior leaders to conceive an innovation roadmap that leverages RBC's innovation strategy, new capabilities and/or enhancements to current offerings.
Identify key performance indicators to ensure the innovation efforts that are active with RBC are on-track and in-line with CNB's business roadmap.
- Leverage clear, compelling and diverse array of communications to gain buy-in from key stakeholders, help others understand overall strategy and associated initiatives, and manage through appropriate governance groups
- Operate as a thought leader on the RBC Innovation Team representing CNB, and provide strategic visionary thinking in order to promote transformation and change. This includes creating awareness with CNB's business units and colleagues regarding the initiatives being undertaken and evaluated with RBC.
- Ensure that CNB's unique needs are considered by RBC's Innovation Team to enable CNB revenue growth and process effectiveness. Collaborate with CNB's development, product, and operations groups to conduct insights as well as design outputs to their work to effectively align with CNB and RBC innovation efforts.
- Coordinate and evaluate the portfolio of innovation pipeline activities being considered to assist CNB's strategic decision-making.
- Perform as a strategic partner to facilitate leveraging innovation to influence change, realize new processes, and develop a strong collaborative working relationship with the members of RBC's Innovation Team and the leaders of their Innovation Labs.
- Contribute and influence strategic direction for CNB senior leadership using informal and formal communication.
- Exercise decision making and independent judgment while being aligned with RBC, CNB's Executive Management, clients and colleagues.
- Contribute to a culture of innovation proactively seeking ways to enhance the capability and performance efficiency, efficacy and success of City National's innovation efforts by working effectively with RBC to leverage their Fintech innovation investments.
- BA/BS degree required
- Minimum 7 years of technology experience
- Minimum 7 years of experience with financial industry products and services
- Minimum 3 years staff management experience
Experience, Job Skills and Knowledge
- MBA/MS a plus
- Exposure to and accountability for strategic direction of innovation activities required
- Broad exposure to financial services products and services including banking and wealth for both commercial and individual clients
- Strategic leader with a clear understanding of the innovation Fintech ecosystem including recent competitor, regulatory, capability, and technology trends. Strong communication skills with the ability to work collaboratively with RBC management and colleagues.
- Passion and genuine curiosity for the innovation thought process and leadership with proven success in identifying trends and seeking out alternate solutions to engage with clients and colleagues in new ways
- Experience collaborating with cross-functional teams on transformation efforts and projects of significant scope required
- Excellent verbal and written skills required with the ability to effectively communicate broader vision and strategy
- Self-directed and can drive results with minimal direct management
- Strong leadership qualities including organizational and interpersonal savvy in order to inspire and influence at all levels within City National
- Has the ability to build followership and can effectively execute in a collaborative and matrix environment
- Preference for experience with enterprise level transformation including experience helping to build and scale identified solutions
- Ability to build an innovation strategy and culture that supports experimentation of identified concepts and solutions
- Project Management experience with strong strategic thinking and leadership skills
- Can foster collective and individual creativity, and generate processes for ideation, prototyping, and production
- Have the ability to effectively balance risks versus potential rewards for innovation activities based on City National's tolerance for risk, organization objectives, and other factors
- Be creative and visionary, with the ability to identify opportunities and take them through the life cycle from concept to production
- Comfortable making presentations to audience with different stakeholders participating
Strong financial acumen and attention to details
- Must possess maturity, high integrity, energy and team spirit
- Ability to conduct market, industry and company research
- Strong effective presentation and communication skills
- Effective and efficient problem solving and analytical skills
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