Canada’s biggest bank is considering blocking Muse from accessing customer information, CEO Dave McKay said Tuesday in a Bloomberg Television interview. The lender has yet to make a final decision, but McKay raised concerns about unauthorized data access, fraudulent consent and liability as autonomous agents increasingly carry out financial transactions on customers’ behalf.
(Bloomberg)

Talking point: McKay said RBC must balance customer needs with privacy and security risks before deciding whether to restrict AI agents. His comments follow moves by the CEOs of JPMorgan Chase and Charles Schwab to block or limit outside agents’ access to customer data. McKay also said RBC is reducing its exposure to AI-related lending through strategic risk transfers, warning that excessive exposure could pose risks to banks. He nevertheless expects Canada to attract significant AI investment, citing its electricity supply and clearer rules for data centres.

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