Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials HomeFinanceBankingRBC CEO not afraid of competition, dismisses possibility of fintech disruption'We feel fully confident in matching any of the tools out there,' said Dave McKay You can save this article by registering for free here. Or sign-in if you have an account.In a world that’s fraught with risk, fraud and uncertainty, customers are not going to choose non-regulated financial institutions for their savings, said RBC CEO Dave McKay Photo by Galit Rodan/BloombergThe head of Royal Bank of Canada doesn’t expect the lender’s dominance to be tested by fintechs looking to scale up their presence in the banking sector using artificial intelligence because he’s confident the bank can match “any of the tools out there.”Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Subscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountorRBC chief executive Dave McKay said the bank has enormous scale to create and quickly deploy technologies in its business model.“Is there anything inherent in a patent or a capability that we can’t do? The answer is absolutely not,” he said on a call with analysts on Thursday. “There’s nothing we see out there that we can’t do just as quickly.”Breaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againCanada’s financial sector is heavily dominated by the Big Six banks, but Ottawa is looking to boost competition by introducing a series of measures — from cutting fees to simplifying the process of switching chequing accounts — to encourage alternative financial institutions, such as fintechs, to grow.Canadians don’t tend to switch banks, but recent surveys say that trend may be changing, giving fintechs, credit unions and smaller banks a rare opportunity in a sector that has been dominated by the Big Six for decades.For example, 57 per cent of the 45,000 people surveyed in 2025 by Environics Research said they had opened a new bank account or banking product in the previous 12 months, though 33 per cent of them “remained loyal” to their primary financial institution.But 24 per cent moved to a new financial institution, compared to 21 per cent in 2023 and 2021. It was the highest incidence of financial account switching in the 20 years the study has been running.But McKay said that in a world that’s fraught with risk, fraud and uncertainty, customers are not going to choose non-regulated financial institutions for their savings.“Trust and brand and security become paramount,” he said.If there is any competition, he said RBC can make a strong response.“The premise I keep coming back to, and I always ask and make sure is, can we build it? Can we deploy this? Is there anything different between our product and theirs? No. OK. Is this a price issue? OK. Then let’s talk about price,” he said. “We feel fully confident in matching any of the tools out there.” Get the latest from Naimul Karim straight to your inbox Join the Conversation This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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