AI finance is here, but scaling hurdles abound: fintech execs

Banking and tech executives at the Canada Fintech Forum in Montreal said financial institutions have yet to weave AI through a majority of their systems, citing security concerns and the cost of deploying machine-learning models at massive scale, according to The Canadian Press. Cohere Canada country manager Michael Pelosi said an AI agent offering financial advice on a small scale does not mean it is safe or cheap enough to roll out to millions of clients, while RBC senior director Stephanie Hazlewood pointed to fast-evolving customer expectations. A Statistics Canada analysis last year found more than 30 per cent of banking and insurance firms were using AI in some fashion, and executives said corporate accountability and traceability for AI-agent financial decisions will be key.

MONTREAL — Banks are looking to ramp up artificial intelligence use for millions of customers, but executives say hurdles abound and checks need to be built in. At the Canada Fintech Forum on Tuesday, banking and tech leaders said financial institutions have yet to weave AI through a majority of their systems, such as apps and data storage, even as finance helps lead the way in machine learning adoption. Michael Pelosi, the country manager for Canada at Toronto-based AI company Cohere, says just because an AI agent can offer financial advice on a small scale doesn't mean it will be safe or cheap enough to roll out to millions of clients. Stephanie Hazlewood, a senior director at RBC, says customer expectations are evolving quickly but that security concerns and the cost of deploying machine-learning models on a massive scale have deterred broader uptake. Executives say corporate accountability for all financial choices made by an AI agent will be key, as will what experts called traceability — being able to pinpoint how a given decision came about. Last year, a Statistics Canada analysis found that more than 30 per cent of banking and insurance firms were using AI in some fashion. This report by The Canadian Press was first published Sept. 15, 2026. Companies in this story: TSX:RY Christopher Reynolds, The Canadian Press