2023-11-10 11:48:22
“It’s an incredible technology that will transform our business, but it’s not ready for prime time,” he said at a technology conference at the University of Waterloo in Toronto.
The bank, however, sees huge potential in everything from writing code to helping sales staff navigate complex financial products.
Dave McKay believes banks will need to prepare algorithms in-house to monitor data and ensure systems are reliable and accurate.
He believes that AI is already showing potential with systems such as Aiden, the AI-powered operations platform developed by the bank and its partners, which outperforms human brokers by 30%.
“She learns on her own. It has weathered all of the market volatility and recent volatility, and continues to deliver superior performance. The machine can therefore function, learn by itself to adapt very, very well to complex environments. »
Dave McKay added that, much like climate change, AI is creating fear and anxiety as it begins to transform society and people feel out of control.
“We are going to reinvent our society again, and that is going to be a threat and that breeds fear, fear of change,” he observed.
There is a similar pattern of uncertainty and fear with climate change, Dave McKay said. “We don’t control our change journey, we don’t have a plan. »
The Royal Bank, which has faced intense criticism for being one of the world’s largest financiers of fossil fuels, has also recently launched emissions reduction initiatives, including one in the agricultural sector.
Dave McKay emphasized that whether it’s AI or climate, we need to take challenges step by step and develop solutions that work.
“It’s just about getting on with it, and going through that process. »
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