Dave McKay, CEO of Royal Bank of Canada offered his peers some wise advice during a roundtable discussion at the RBC Capital Markets conference 50 years old. McKay said simply that banks should focus more on fixing their legacy systems than trying to pull fintech startups under regulators’ purview. When asked whether the lack of regulation for fintech was hurting the banking system McKay responded that regulation is not the problem; the biggest barrier to adapting is the incredible legacy systems; adding that many bank systems that are essentially yesterday.
Dave McKay, CEO of Royal Bank of Canada offered his peers some wise advice during a roundtable discussion at the RBC Capital Markets conference yesterday. McKay said simply that banks should focus more on fixing their legacy systems than trying to pull fintech startups under regulators’ purview. When asked whether the lack of regulation for fintech was hurting the banking system McKay responded that regulation is not the problem; the biggest barrier to adapting is the incredible legacy systems; adding that many bank systems that are essentially 50 years old.