Canadian Bank CEOs Warn Against Sharing Data With AI
Financial leaders are limiting AI access to client information as regulatory safeguards struggle to keep pace with new technology.
Updated on Oct. 21, 2026 in Artificial Intelligence
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BMO CEO Darryl White has advised Canadians against sharing sensitive banking credentials with AI agents. Meanwhile, RBC is considering blocking AI access to client data, echoing moves by major U.S. financial firms.
Why it matters
Bank executives are raising alarms that rapidly evolving artificial intelligence technology is currently outpacing existing regulatory protections. The shift aims to ensure robust security for client information amidst rising privacy concerns.
BMO currently utilizes artificial intelligence to process insurance underwriting decisions in just 10 seconds, a process that historically took 28 days to complete. AI agents typically monitor financial balances and histories with authorization.
The players
Darryl White
He is the CEO of BMO Financial Group, a major North American financial services provider.
Dave McKay
He serves as the President and CEO of the Royal Bank of Canada, the country's largest financial institution.
The details
BMO CEO Darryl White specifically cautioned against sharing passwords, social insurance numbers, and PINs with AI agents, noting that these tools connect directly to accounts. Following similar restrictions by JPMorgan Chase & Co. and Charles Schwab, RBC CEO Dave McKay indicated his institution may block access for tools like Meta's Muse.
Timeline
August 2026: BMO began utilizing AI for insurance underwriting.
Week of October 12, 2026: JPMorgan Chase and Charles Schwab implemented measures to block AI agents.
October 20, 2026: RBC CEO Dave McKay discussed potential AI access restrictions.
October 21, 2026: BMO CEO Darryl White addressed the issue at the Toronto Global Forum.
The Tech Race
The move to restrict access for tools like Meta's Muse AI agent highlights a broader conflict between emerging automation and legacy banking security. Financial institutions are increasingly prioritizing internal data control to counter the rapid expansion of AI intermediaries.
Consumers should avoid linking sensitive financial credentials, such as social insurance numbers or PINs, to third-party artificial intelligence services. These new security measures may limit your ability to use AI tools for automated budget tracking or transaction monitoring.
The takeaway
While AI offers efficiency, consumers must prioritize security by maintaining control over their personal banking credentials. Always check your bank's official security policy before granting account access to any third-party digital assistant.
Further reading
Learn more about evolving Artificial Intelligence policies in the financial sector.
Source note: This article includes information reported by CBC News.
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