The CEO of the Royal Bank of Canada, Dave McKay, has said that Blockchain technology, artificial intelligence and the ‘internet of things’ are three innovations that will change the way banking is done.
According to Royal Bank of Canada CEO Dave McKay, Blockchain and cryptocurrencies are not fully mature yet, but they will continue to evolve, whilst AI will expand to more and more decisions, with more data being impacted by machine learning systems.
Speaking at a virtual business conference, McKay also highlighted the role of what is known as the internet of things, with more and more devices connected through the internet as 5G is rolled out across the globe. ‘It’s going to explode the number of transactions, the complexity of those transactions and the need for us to yet again evolve our capabilities to be in many more points than we were before’, said McKay.
"‘Dave McKay is fully aligned with those, like myself, who see how these new technologies, especially Blockchain, can simply transform the financial sector at a global level, slashing transaction costs, also making it more accessible and connected 24/7. A bit like with the internet, in a few years we will look back and wonder how banking was done before blockchain technology’, predicted Eduardo Carvalho, the founder and CEO of Dynasty Global Investments AG."