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More than a year into the job, Darryl White has been busy making his mark on the Canadian financial landscape as CEO of BMO Financial Group. In our 2019 CEO spotlight, White discusses the challenges, risks and opportunities facing Canadian banks in 2019 and the years ahead.
One of the things he’s most proud of is BMO’s focus on the customer and the consistency of this customer-first thinking across the bank’s culture around the world. In the midst of this, cyber risk is top of mind for White. He discusses why BMO, with fraud being increasingly driven by cyber, has opened an enterprise-wide financial crimes unit to create a best-in-class, integrated real-time response to cyber, fraud, and physical security risk
On the topic of open banking, White sees it as an exciting development for Canada. But for open banking to succeed, he emphasizes the need to fully address issues of security and customer control. And customers must have full transparency around what they get out of open banking, according to White.
"If we can figure out how to solve for security, transparency and control, we can have an open banking system in this country that could work very well, in my view."