Canadian Banks 2018

The innovation journey: Eyes on execution

Perspectives on the Canadian banking industry

Canada's Big Six banks have come a long way in their digital transformations and technology modernizations as they continue to embrace emerging technologies on their innovation journey. Backstopped by enriched data governance and robust cybersecurity, these business model and technology enhancements help service customers in new ways, while increasing the banks’ operational efficiencies.

But as the banking industry in Canada rapidly evolves and reinvents itself through innovation, have banks come far enough—fast enough—to thrive in that environment?

Our 2018 Canadian Banks publication explores three areas we believe are key as banks continue on their innovation journeys—taking a deeper look into the roles that risk management, cybersecurity and data governance play in shaping the innovation agenda.

Watch Diane Kazarian introduce Canadian Banks 2018 ->

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Explore the key focus areas

Finding the right balance between innovation and risk

Increased adoption of new and compelling technologies, along with a broadening ecosystem, brings with it a commitment for banks to better manage risks, recognizing they operate in an environment constantly facing a variety of changes. To thrive in this ecosystem and continue to succeed on this journey to full reinvention, banks need to focus on the execution of the innovation agenda, identifying and mitigating risks in order to serve the dynamic needs of an evolving customer base.

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Building trust in a digital, data-driven world

Canada’s Big Six banks are transforming key aspects of their front and back offices as they continue to modernize their cores. As banks continue to face disruption from new market entrants and emerging technologies, they need to enhance their cybersecurity models, balancing the risks and opportunities related to their digital and innovation initiatives, in order to stay competitive in this volatile landscape.

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Unlocking data possibilities

Collecting and analyzing data from a range of sources helps banks assess a variety of internal, external and regulatory challenges in developing and executing their overall corporate strategies. Data governance, the umbrella concept for data-related practices—data strategy, chief data officer team structure, data quality and data management—cuts across people, process and technology at the Big Six banks.

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Banking in the digital economy

“It’s an incredibly exciting time in financial services. The opportunities are, frankly, limitless. In Canada we’re uniquely blessed to have a financial system that’s already the envy of the world.”

— Neil Parmenter, President and CEO, Canadian Bankers Association

Read the CEO Spotlight

 

Contact us

Diane Kazarian
Managing Partner, Greater Toronto Area, PwC Canada
Tel: +1 416 365 8228
Email

Jason Boggs
National Consulting Leader, PwC Canada
Tel: +1 416 941 8311
Email

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