AI is promising, but not ready yet

“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 internally to monitor data and ensure systems are reliable and accurate.

He believes AI is already showing potential with systems like Aiden, the AI-powered operations platform developed by the bank and its partnerswhose performance outperforms human brokers by 30%.

“She learns on her own. It has weathered all of the market volatility and recent volatility and continues to outperform. The machine can therefore work, learn on its own, adapt very, very well to complex environments. »

Dave McKay added that, 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 this will be a threat and this generates fear, fear of change”, he observed.

There’s a similar pattern of uncertainty and fear with climate change, said Dave McKay. “We don’t control our journey of change, we don’t have a plan. »

Royal Bank, which has faced intense criticism for being one of the world’s biggest 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 a matter of moving forward and going through this process. »

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