Ron Burgundy Posted April 10, 2015 Share Posted April 10, 2015 By Jeffrey Hodgson TORONTO (Reuters) - Technology companies pose a competitive threat to established lenders, the head of Royal Bank of Canada said on Friday, adding he was keen to work with start-ups to improve the company's mobile offerings. RBC Chief Executive David McKay said he was positioning Canada's largest bank to compete with technology firms that have expanded into the money-moving business but don't "bear the financial and social costs of a deposit taking organization, nor the obligations of financial regulation." "Many of these new entrants are excellent competitors - innovative, driven, and responsive to their clients, but they also may distort the financial system with unintended risks that regulators cannon clearly see," he told the bank's annual general meeting in Toronto. View the full article Quote Link to comment Share on other sites More sharing options...
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