How much does your bank know about you? Everything

By Pepper Parr

November 20^th, 2023

BURLINGTON, ONTARIO

Tidbit of information we came across.

The subject matter was AI Artificial Intelligence;

“Banks, for all their usual moaning about regulation, would be nowhere without legal requirements that they keep years of detailed customer records. “We’ve got 17 million clients, and I’ve got 16 petabytes of data,” says Martin Wildberger, executive vice president of innovation and technology at Royal Bank Canada, the country’s largest bank.

“Sixteen petabytes is roughly equivalent to 320 million tall filing cabinets stuffed with paper. It’s what allowed Wildberger’s team to create a model so deep it can show RBC the tiny variations in customer behavior that might signify fraud.

“An executive at another big bank told me his model can send an alert when a customer who frequently eats vegetarian charges a meal at a steakhouse.”

How does that make you feel about your personal privacy?  Think about that for a minute.