Blockchain, AI, internet of things will change banking, RBC CEO says

‘It’s going to explode the number of transactions, the complexity of those transactions and the need for us to yet again evolve’

Royal Bank of Canada Chief Executive Officer Dave McKay said he sees blockchain maturation, the spread of artificial intelligence and the so-called internet of things as three big technological developments that will change banking in coming years.

Dave McKay, president and chief executive officer of Royal Bank of Canada, speaks during the company’s annual general meeting in Toronto on April 6, 2017. PHOTO BY COLE BURSTON/BLOOMBERG FILES

Blockchain and digital coins aren’t fully mature yet, but they will continue to evolve, McKay said during a virtual discussion as part of the Sibos financial-services conference. AI, which Royal Bank already has embedded in a trading platform, will expand to more and more decisions, and more data will be affected by machine learning, he said.

The advent of fifth-generation telecommunications networks and the internet of things — a term used to describe the growing number of devices and appliances connected to the internet — represent a combined “transformational technology that are about to hit us,” McKay said.

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