RBC CEO Sees Blockchain, AI, Internet of Things Changing Banking

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.

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 ...