‘We’re in the technology business’The leaders of Canada biggest banks say that they have spent significant amounts of money as part of a so called technology “arms race” that is underway in the lending industry, reports Geoff Zochodne. Speaking at at the RBC Capital Markets Canadian Bank CEO Conference, five chief executives said they had increased their technology budgets and dedicated a portion of that money to the bank initiatives. And Toronto Dominion Bank is acquiring artificial intelligence startup Layer 6 AI for an undisclosed amountBottom line: The spending on tech comes as the banks are dealing with the rise of decentralized and digital currencies, fintech upstarts trying to cut into their business, and the migration of customers towards mobile and online banking platforms.Quote: often I say that we in the technology business, and our product happens to be financial services, Brian Porter, Bank of Nova Scotia chief executive officer.Boom times for buildersLast year was a blockbuster for real estate developers after work began on the most homes in a decade amid soaring demand nationwide.
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Veteran journalist Ted Corbett dies
Veteran journalist Ted Corbett passed away. He was a journalist of cricket.
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