Old In­sti­tu­tions, New Tricks

The Big Five are strik­ing part­ner­ships with emerg­ing fin­tech, fund­ing promis­ing stu­dent projects, and adding new su­per­pow­ers to their apps

Sharp Magazine Middle East (English) - - Guide | Money -

RBC: Ex­per­i­ment­ing with blockchain tech­nol­ogy

The data­base sys­tem that un­der­pins Bit­coin is cur­rently be­ing used to run an ex­per­i­men­tal "shadow ledger" that tests out the tech as a faster, lower-cost way to move pay­ments be­tween RBC'S U.S. and Cana­dian banks.

TD: De­vel­op­ing its own Siri-style as­sis­tant

Last fall, TD signed an agree­ment with AI firm Ka­sisto to li­cense its KAI chat­bot tech­nol­ogy for TD'S app. No word yet on whether its con­ver­sa­tional style will sound more like HAL 9000 or Her's Sa­man­tha.

Sco­tia­bank: Lock­ing down emerg­ing cy­ber­se­cu­rity tech

Cy­ber­at­tacks cost banks bil­lions a year. To fight back, Sco­tia re­cently part­nered with Vi­ola Group to start a ven­ture fund that will in­vest in Is­raeli star­tups, keep­ing a par­tic­u­lar eye out for ex­cit­ing new anti-fraud ini­tia­tives.

CIBC: Mak­ing it as easy to get a loan as it is to shop on­line

In 2016, CIBC struck a part­ner­ship with fin­tech Bor­row­ell to of­fer qual­i­fy­ing cus­tomers easy, one-click loans. Last year, it ex­panded on that by al­low­ing clients to also check their free Equifax credit score via their apps.

BMO: Fos­ter­ing nextgen tech firms, Dragon’s Den-style

A part­ner­ship with Ry­er­son's Dig­i­tal Me­dia Zone men­tors star­tups like Viviplan, a robo-plan­ner that dishes se­ri­ous fi­nan­cial ad­vice (for in­stance, let­ting you know if you're in de­cent enough shape to buy a house) for un­der $500.

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