Newspaper article The Canadian Press

RBC CEO Dave McKay Says Battleground for Financial Institutions Is Data

Newspaper article The Canadian Press

RBC CEO Dave McKay Says Battleground for Financial Institutions Is Data

Article excerpt

RBC CEO: Battleground for banks is data

--

TORONTO - Royal Bank of Canada's chief executive says data is the battleground for banks that will determine the future success of financial institutions.

Dave McKay said during a speech in Toronto on Monday that in the past banks needed economies of scale to succeed, but due to technological advances, they will need data scale in the future.

He added during the Sibos banking and financial conference that technology platforms have created ecosystems which have a deep understanding of the customer's life.

McKay said over the next few years, banks will have to decide how they're going to compete -- which may require a rethink of their core value strategies.

He also pointed to the potential of artificial intelligence and blockchain, and said banks will have to adapt and evolve further and faster than they have in the past. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.