The Royal Bank of Canada will invest tens of millions of dollars in AI research in the coming years. The global financial industry has been grappling with the long-term implications of technologies that are radically transforming, or “disrupting,” the way customers bank, as well as the way financial institutions operate. The bank has hired Richard Sutton, a pioneer in the field of machine learning, as an advisor to a new research lab. In addition to its investment into AI, RBC is also looking at ways it can use artificial intelligence for financial services. Last week at the RBC 2017 Canadian Bank CEO Conference, RBC Chief Executive Dave McKay highlighted AI as the most transformative technology in banking today.
The Royal Bank of Canada will invest tens of millions of dollars in AI research in the coming years. The bank has hired Richard Sutton, a pioneer in the field of machine learning, as an advisor to a new research lab. In addition to its investment into AI, RBC is also looking at ways it can use artificial intelligence for financial services. Last week at the RBC 2017 Canadian Bank CEO Conference, RBC Chief Executive Dave McKay highlighted AI as the most transformative technology in banking today.