Too big to disrupt?
Tim Kiladze,
Globe, Mail,
Dec 29, 2014
This article focuses on the Canadian banking industry's response to threats to their business from companies like Google, Facebook, PayPal and Square. Thanks to regulation preventing them from risky ventures into insurance and sub-prime mortgages, the Canadian financial industry weathered the recession almost unscathed. But new threats from new technology (and especially virtual or online payments) threatens their position. Mistakes cost billions. The banks are in a good financial position and have a history of innovation, which helps them. But what they rely on most of all, concludes the article, is the trust they have built with consumers over the years.
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