In 2025, Canadian financial institutions will continue using artificial intelligence (AI) to improve backend efficiencies and start using generative AI to serve consumers. That’s according to Sam Sebastien, vice-president and Canada country manager for Google Cloud.
Google’s clients are using Gemini AI for multimodal analysis of text, video and audio to respond to call centre requests, Sebastien said. “We’re seeing our financial institutions lean in more on that than any other [sector].”
Large financial services firms launched AI pilot projects in 2023 that evolved into wider adoption last year, Sebastien said. Many of the pain points firms focused on were in backend efficiencies such as summarizing large volumes of information.
Faced with a national productivity challenge, many Canadian financial institutions looked to AI to fill the gap, Sebastien said.
“We have seen Canadian organizations pursue this opportunity at about the same pace as folks down south,” he added. “We’ve got to take advantage of this both patriotically as well as for individual organizations.”
Canadian banks were among the top 25 global AI adopters last year in a ranking by London-based financial services intelligence firm Evident. RBC ranked third overall, with TD ninth, Scotiabank 20th, CIBC 22nd and BMO in 24th place.
AI can also be a threat however. as bad actors harness the new technology, Sebastien said. Financial organizations can use generative AI to help spot cyber vulnerabilities. Firms should also have a good governance plan and work with reputable technology vendors that have a secure enterprise platform.
Companies need to start embracing AI from a culture and training perspective, Sebastien said.
“The more you use these tools, either personally or professionally, the more you’re going to get used to them … and more opportunities will begin to expose themselves,” he said.
Options trading available on Webull’s registered accounts
Canadians using Webull can now trade options in TFSA and RRSP accounts, the online brokerage app announced in December.
“Since Webull Canada’s launch of options trading for cash and margin accounts in late September, we have seen a growing demand for the product with TFSA and RRSP account types,” Michael Constantino, CEO of Webull Canada, said in a release.
The app’s trading hours were recently extended to 4:00 a.m. to 5:30 p.m. EST from Monday to Friday.