Canada’s big six banks weathered the 2008 financial crisis very well. Their adherence to tried and tested twentieth-century products and services made them a safe harbour in the financial storm. However, as the modern global information economy continues to develop, the banks must confront their innovation crisis, or they will fail.
In this book, the authors embark on an audacious and startling examination of Canada’s big banks. With banks earning 40 percent return on equity from traditional retail banking, pressure from investors with short-term interests has discouraged technological innovation and adaptation.
The authors reveal the socio-technological disruptors threatening the banks’ three primary product division — lending, wealth management, and payments. They offer innovative and yet realistic recommendations for improvement.
The authors new vision for the Canadian banking industry involves a broad cross-section of Canadians — policy makers, regulators, customers, suppliers, investors, and bankers — and is a call to action for all interested stakeholders to work together in creating a banking system for the twenty-first century.
This book is as eye-opening as it is informative. It made me read and re-read certain passages. The book is written for lay people. However, it has enough of a scholarly basis for readers to ponder and reflect. This book really made me think.