🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

RBC targets 40 percent of total technology spend for innovation

Published 2017-01-25, 11:24 a/m
© Reuters.  RBC targets 40 percent of total technology spend for innovation
RY
-

TORONTO, Jan 25 (Reuters) - Royal Bank of Canada RY.TO wants to spend at least 40 percent of its overall technology budget on innovation, such as artificial intelligence and blockchain, rather than maintaining old systems, its CEO said.

"A couple of years ago more than 80 percent of our spend was on running the bank, maintaining our old legacy systems. Our goal is to get down to at least 60 percent and we're over halfway on that," Dave McKay told reporters on Wednesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.