Canadian Innovation in Advanced Technology
- Monday, June 22, 2009, 10:37
- Canada, Country Focus
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By Sujan Menezes
Industry Manager, Microsoft Canada Financial Services
Virtually every market across the globe has been touched by the economic crisis and Canada has been no exception. While significantly impacted by the crisis, Canadian financial institutions find themselves on more stable foundations in comparison to some of their global peers. Whether by luck, or by planning, the Canadian financial services industry finds itself in better shape than their counterparts in many other countries.
Some of the buffered impact on Canada’s market is attributed to the strict regulatory environment to which financial institutions in Canada are subject. In today’s environment however, a financial institution cannot simply rely on following regulatory processes to ensure its continued prosperity. Those same regulatory constraints which can discourage the rapid adoption of untested products and practices can also stifle innovative new products and business models. To emerge successfully from these turbulent times, a balance between innovation and risk must be achieved.
Many Canadian financial institutions find themselves in a unique situation in the marketplace. They are financially strong relative to their peers. They service a highly computer-literate and connected population. Their workforce is immersed in technology even outside the work environment. Their customers have ever higher expectations based upon their experiences in other industries. The challenging market conditions have made the drive for efficiency even more important. All of these factors have created significant pressure on financial institutions to use technology to evolve how they operate internally and how they service their customers.
While many financial institutions are saddled with significant investments in older technology, they can capitalize on advances in software, network connectivity and hardware to both derive business advantage and reduce costs. Technologies which allow collaboration both within the enterprise, and to partners outside the enterprise, will create efficiencies ultimately resulting in better products and customer service. The more insightful and timely use of data will allow institutions to be more agile in response to changing conditions and will help them avoid unnecessary risks. Innovate use of technology will allow Canadian financial institutions to ensure that they not just survive, but prosper in the new financial world.
Canadian financial institutions today are in a great position to become leaders in product innovation, customer service, and operational efficiency. To do this, however, they must adopt a plan beyond merely surviving the current economic crisis, but leading the market.
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