Stumbling Giants: Transforming Canada's Banks for the Information Age

Stumbling Giants: Transforming Canada's Banks for the Information Age

By: James L. Darroch (author), Patricia Meredith (author)Hardback

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Description

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 Stumbling Giants, Patricia Meredith and James L. Darroch embark on an audacious and startling examination of Canada's big banks. With banks earning forty percent return on equity from traditional retail banking, pressure from investors with short term interests has discouraged technological innovation and adaptation. Meredith and Darroch reveal the socio-technological disruptors threatening the banks' three primary product divisions - lending, wealth management, and payments - and offer innovative yet realistic recommendations for improvement. Meredith and Darroch's 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.

About Author

Patricia Meredith is a global thought leader in transformative governance. She works with leaders in both the public and private sectors to take on the challenges of the information age. An accomplished author, consultant and educator, she is a fellow of the Clarkson Centre for Board Effectiveness at the Rotman School of Management, University of Toronto. Her previous publication, Catalytic Governance, is also published by University of Toronto Press. James L. Darroch is an associate professor of strategic management and the CIT Chair in Financial Services in the Schulich School of Business at York University.

Contents

1. The Banks Lose Their Way 2. From Branches to Smartphones 3. Innovation in the Mortgage Market 4. Small and Mid-Sized Business Blues 5. Where are the Customer's Yachts 6. Canada Trails the Third World 7. Long Live the Branch A Banking System for the 21st Century

Product Details

  • ISBN13: 9781442649514
  • Format: Hardback
  • Number Of Pages: 256
  • ID: 9781442649514
  • weight: 520
  • ISBN10: 1442649518

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