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Todd Roberts, Senior VP, Payments Strategy and Innovations, Payment Retail Markets for CIBC, demonstrates the use of CIBC's mobile payment app to pay for transactions at a Tim Horton's coffee shop on Feb. 14 2014. Using near field communications (nfc), the device accesses the same 'tap' pads that is placed at many points of purchases in various stores. (Fred Lum/The Globe and Mail)
Todd Roberts, Senior VP, Payments Strategy and Innovations, Payment Retail Markets for CIBC, demonstrates the use of CIBC's mobile payment app to pay for transactions at a Tim Horton's coffee shop on Feb. 14 2014. Using near field communications (nfc), the device accesses the same 'tap' pads that is placed at many points of purchases in various stores. (Fred Lum/The Globe and Mail)
(Fred Lum/The Globe and Mail)

Banks fight technology war in era of digital disruption

Silicon Valley prides itself on being an oasis free of suits, but that hasn’t stopped Dave McKay from showing up.

To bridge the gap between Bay Street and the close-knit U.S. tech community, Mr. McKay, Royal Bank of Canada’s president and incoming chief executive officer, makes it a priority to trek out to the innovation hub, stopping at places such as Facebook Inc.’s campus in Menlo Park, Calif.