BC chief executive Dave McKay says artificial intelligence is already showing its potential in transforming the financial sector, even if it's not "ready for prime time." McKay speaks at the banks annual meeting in Toronto on April 6, 2017.THE CANADIAN PRESS/Frank Gunn
RBC chief executive Dave McKay says artificial intelligence is already showing its potential in transforming the financial sector even if it’s not quite “ready for prime time.”
Speaking at a University of Waterloo tech conference in Toronto, McKay says AI still has too many errors and “hallucinations” or nonsense answers, to rely on it in banking services.
The bank however does seen huge potential in everything from writing code to helping sales staff navigate complex financial products.
He says banks will have to train algorithms in-house to control the data and to make sure the systems are trustworthy and accurate.
McKay says AI is already proving its potential with systems such as Aiden, the bank’s AI-powered trading platform, that has outperformed human traders by 30 per cent.
He said that like climate change, AI is creating fear and anxiety as it begins to transform society and people don’t feel in control, but that it’s a matter of engaging with the change and tackling the challenges step by step.
This report by The Canadian Press was first published Nov. 8, 2023.
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