Articles in Category: FinTech

Canada’s big banks are losing their ability to attract top talent

12 September 2018

Canada’s big banks are losing their ability to attract top talent
Greater learning opportunities at FinTech startups is a key reason why top talent are walking away from the Big banks.

Banks face significant competition for attracting and retaining the kind of talent they need to meet the evolving needs of customers in an increasingly digital world.

There is a general shortage of candidates with technical skills and FinTech are snapping them up and the Big Canadian banks are losing out on recruiting the top talent.

Global Banking Outlook 2017 (Ernst & Young Global Research, 2017)

04 October 2017

Global Banking Outlook 2017 (Ernst & Young Global Research, 2017)
Uncertainty is no excuse for inaction. The report recommends that banks should take steps to  “keep customers safe” and “make things better for their customers.”

The 2017 Ernst & Young Global Research Banking Outlook Survey of senior executives at almost 300 banks across the globe, indicates that risk and regulation will continue to dominate management’s agenda over the next 12 months.

Leading banks are looking beyond compliance to optimize their businesses and improve financial performance.

The Characteristics That Separate Banking Leaders from Banking Laggards

02 October 2017

The Characteristics That Separate Banking Leaders from Banking Laggards
Business executives will need to work with IT more closely than ever before, supporting technology.

Bain Research believes this problem is larger than IT; it is a strategic business challenge as well as a great opportunity. Technology executives now have a platform and an environment in which company leadership is keen to listen and support IT initiatives.

Business executives will need to work with IT more closely than ever before, supporting technology recommendations and gaining a clear understanding of the challenges and opportunities that technology affords.

Working together, they can move quickly to bring their banks, insurance companies and other financial institutions forward into the rapidly evolving digital age.

Recommendations for Effective Digital Transformation in the Banking Sector

30 May 2017

Recommendations for Effective Digital Transformation in the Banking Sector

Going digital doesn’t have to mean millions of dollars n new investment  or a major IT upheaval. Large investment will be necessary in some areas, but in general, many of the elements Banks need to transform digitally may already be in place. Banks must find ways to leverage their digital assets better and invest in targeted ways.

Advice from McKinsey's Tunde Olanrewaju.

Digitization in banking reaches the tipping point- Significant job cuts are coming to Canada's Big 5 Banks

26 May 2017

Digitization in banking reaches the tipping point- Significant job cuts are coming to Canada's Big 5 Banks

What that actually means in practice remains to be seen. It is already clear is threat the following will and is happening:

  • End-to-end digitization and optimization of its branch network.
  • Enhanced online and mobile offerings
  • Re-platforming of mainframes
  • Data center consolidation.
  • Reduce in-country data warehouses.
  • Reduce the number of global instances for personal and business internet banking.
  • Use of cloud platforms for non-business critical systems, with HR cited as an example.
  • “Streamlining” of critical operations such as know-your-customer, onboarding and payments operations.
  • Eliminate 750 legacy systems and applications from the current total of around 6,700.
  • The introduction of new core banking system.
  • Deliver IT projects more effectively, including more ‘off the shelf’ solutions.
  • Increase use of Agile development.
  • A goal of fully-automated data transfer between systems.