The Future Of Banking (Canadian)

The Future Of Banking (Canadian)

The Future Of The Canadian Financial Institutions

    As we approach the information age, society and all of its components must change.   Some elements of society are doing this quickly, embracing new technologies and production methods.   In this way they are preparing themselves for the future.   Other segments of society realise that change is inevitable but for their own benefit try to slow it down.   Thus while they delay change they do not in fact stop it.   Finally, there are those elements of society who fear change.   This is however; a dying breed, if not today then assuredly tomorrow.      
    The Financial Institutions of Canada neither fear change nor are attempting   to slow it down.   Instead they are embracing change and new utilising new technology at a rate perhaps unparalleled in society.   In this way, they are preparing themselves to compete in a global village.   Technology alone can’t do this for them.   In order to compete globally, the Financial Institutions require the revision of the existing regulations designed with a past time period in mind.   Due to these regulations they are currently restricted from acquiring rivals or merging to better meet market conditions.   This has proven incredibly harmful in the past twenty years as the   relative size of our financial institutions has fallen off of the global charts.   This has been harmful not only to the industry but to the country as a whole.
    If the Canadian Financial Institutions are to have a future globally then they must be allowed to expand both at home and abroad.   To date, artificial barriers imposed through the governments have resulted in a financial services sector less efficient than if it were simply left to competition in a free market system.                
    Technology will be a major determinant to the successes or failures of the Financial Institutions in the years to come.




       

  This is true not only because Canada is not an island and is...