00:00How does that change the composition of the bank staff?
00:06You're going to have more producers, customer focused, and you'll shift from the back office to the front office for
00:13sure.
00:14And the machine will be able to start from adjudication and move back to fulfillment and close your service contracts
00:21with customers more efficiently.
00:23And therefore, you'll be able to serve more customers per employee and have more customers in the franchise.
00:29So certainly there's a shift.
00:31And I think the way I'm seeing individuals learn the business more quickly, it is unbelievable how fast these models
00:39are training our staff about banking.
00:41Because not only are they providing information, it's learning.
00:44Instead of searching around for information and taking all this time, it's right in front of you.
00:47If it's right, you learn.
00:49You learn, you learn.
00:50So you're getting on these learning flywheels.
00:52And I've seen young people come into the bank.
00:54They're learning our business so quickly.
00:56So we want to make sure everybody in the organization gets on that learning curve.
01:00I think as a society, we're going to learn so quickly.
01:04And my hope is we master these models at the end of the day because they're going to make us
01:07smarter too, a lot smarter.
01:09Do you think that there are a few people needed though overall?
01:11I mean, if RBC, let's say, gains market share and can do more with the same number of people,
01:17arguably it's taking from another maybe smaller bank that would be doing the same type of thing.
01:22I just wonder from your hiring and kind of what you're seeing, if that's kind of the path forward.
01:28I think we have to because we have an aging demographic and we have so many boomers.
01:34There's 30 million Americans are going to retire over the next five years.
01:38Just under 2 million Canadians are going to retire, my generation.
01:41And we don't have enough trained people to replace them.
01:44Like in health care, education, engineers, everything that we have to do, bankers.
01:49We don't have enough people. Therefore, we're going to need to be more efficient is my view.
01:54So our view is that we'll be more efficient. We'll maybe need less people.
01:58But a lot of that's coming through attrition and through demographic change.
02:02We need that in our society. We need these tools.
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