In a Globe and Mail article about how Google Wallet, Apple Pay and PayPal are on the early edge of disrupting the traditional banking system there is a quote from Dave McKay, the CEO of the Royal Bank of Canada that is shocking in a very positive way.
In reference to the need to recognize this new competition and to be more nimble with customer’s banking options he states, “we have to find a way to fail fast”.
And this came from someone at the top of Canada’s most monolithic and stodgy businesses, a Canadian chartered bank. I always know it’s a good quote when words jump off a page like these did. Good for the RBC!