Blockchain maturation, the growth of artificial intelligence, and the so-called internet of things, according to Royal Bank of Canada (RBC) Chief Executive Officer (CEO), Dave McKay, are three major technological advancements that will change banking in the coming years.
AI, which Royal Bank has already incorporated in a trading platform, will spread to more and more choices, and machine learning will influence more data, he added.
The introduction of fifth-generation telecommunications networks
Work and the internet of things – a term used to describe the rising number of internet-connected gadgets and appliances comprise a "transformational technology that is going to strike us," according to McKay.
“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,” McKay said in response to a question from Neil McLaughlin, Royal Bank’s head of personal and commercial banking.
“It’s going to be an incredible opportunity for us to build for the future, but it’s an incredible opportunity for us to build for the future, but it’s an incredibly complex world.”
This change, in particular, will make cybersecurity more difficult by generating many more sources of weakness and a wider "perimeter" that banks must protect, according to McKay.