Banks are facing the potential of disruption by digital assistants from Apple, Amazon and Google — and are pouring money into machine learning to provide their own option for automating consumers' financial lives.
The agency's semiannual report on risks in the industry focused heavily on the high volume of commercial loans as well as banks' exposure to nonfinancial corporate debt, which is near a record share of GDP.
The company, which helps banks develop high-tech products and services, has agreed to buy Gro Solutions after recently completing its deal for Cloud Lending.
The federal regulators said in a joint statement that they will take a bank's level of innovation into account in supervising its anti-money-laundering procedures.
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Few firms have been able to blend predictive virtual assistants, geolocation, data analytics and other cutting-edge technology into apps like TD Bank, which has more mobile users in Canada than anyone in finance.
