RBC, Scotiabank Get Highest Rankings on Canada Fintech Efforts
- Firms must move from physical to digital banking, IDC says
- Canadian banks are ‘placing lipstick on legacy system pigs’
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Royal Bank of Canada and Bank of Nova Scotia are the most focused on embracing financial technology among Canada’s largest lenders, according to a report from IDC.
The two banks scored the highest overall ranking -- four checkmarks out of five -- with top ratings in areas such as willingness to tackle fintech issues and establishing digital development hubs, according to the report by research firm International Data Corp. Toronto-based Royal Bank also received the highest ratings for acquiring expertise, funding external fintech research, establishing a research organization and focusing on artificial intelligence and big data.