Tiff Macklem just delivered the most important speech you'll read all year, and if you're running financial operations in Canada, you should probably pay attention.
The Bank of Canada just did something it hasn't done since August: absolutely nothing. And the mortgage industry should be relieved.
As the mortgage industry enters a new era of automation, the traditional loan origination system faces extinction. The next generation of lending platforms won’t rely on screens and workflows; they’ll think, decide, and act autonomously.
Consumers increasingly trust AI to guide major life decisions, so the traditional mortgage point-of-sale (POS) is losing relevance. The next mortgage application will not begin on a website but in a conversation.
There's a moment in every poker game when someone pushes all their chips to the center of the table. Last week, RBC and TD did exactly that; except instead of chips, it was billion-dollar AI commitments with their names attached.