A personal banking workstation, dubbed VIBE, which combines the best of personal banking, ATM services and online banking, won this year’s RBC Next Great Innovator Challenge.

“The world is moving into a new era of consumer-designed products and services, and our success in the marketplace will be based on our ability to understand and meet the needs of an increasingly diverse customer base,” said Anita Sands, senior vice-president, innovation and process design.

Ryerson’s MBA/MMSc team called “Team RUMBA” developed an idea to evolve the retail banking experience by using a personal banking workstation that can be used in an “anytime, anywhere” fashion, which would allow for conducting sophisticated transactions and real-time interaction with live bank personnel.

“The most compelling thing about this year’s winning idea is that it aligns with our vision of how to provide banking services to our diverse client base across Canada, and around the world,” said Marty Lippert, vice-chairman and group head, global technology and operations at RBC. “This year’s finalists represent some of Canada’s best and brightest students, and their innovative idea will increase accessibility to RBC’s services, making it easier for our clients to do business with us.”

The Ryerson team, graduate students Kent Chin, Stephen Kershaw, Maggie Yang and Gavin Yeung, was awarded a $20,000 grand prize for their winning idea.

“Through a combination of some of the latest technologies, their proposal could make a range of banking services available in even the most remote areas,” said Professor Dale Carl, director of graduate students for the Ryerson MBA/MMSc programs.

The bank asked university and college students from across Canada to “describe an innovation, idea or concept that Canadian financial institutions should consider to make it easier for clients to do business with us” for this year’s challenge.

Some of the more than 100 ideas presented this year included innovations that personalize the banking experience, deliver financial education to students and families, as well as products and services for new Canadian immigrants, small businesses and entrepreneurs.

RBC said it recently launched peer-to-peer information exchange site, www.rbcp2p.com, based on an idea from last year’s challenge.