Canada’s banking environment is shifting due to regulatory change, evolving customer and investor demands, and the introduction of new technologies.
So banks need strategies in place to continue to grow, says EY’s Canadian banking insights report.
Entitled Evolving demands shaping the landscape, the report identifies four trends institutions need to watch. These are:
- the evolving role of bank branches and how current staffing models are being affected;
- the prevention and detection of fraud using forensic data analytics;
- the changing expectations of audit committees related to their oversight of external auditors; and
- the developments in FATCA requirements for Canadian financial institutions.
“As these trends continue to evolve, so too will the impact they have on Canadian banks,” says Andre de Haan, EY’s Canadian financial services leader.
“With the right knowledge and strategies, however, companies can seize the opportunity to take advantage of change and continue to grow.”