Long-term analysis shows REITS outperformed equities, homes
The short-term letting firm says it has to maintain trust within its community
Report says housing market conditions are mixed
Real estate board reports tighter market conditions at the end of 2018
18% have delayed buying a home because of debt
Phil Soper included in latest SP200 rankings
More than 31,000 people will no longer have student debt
Mortgage originator, real estate brokerage to pre-qualify buyers in minutes
Global study highlights debt risks to financial system stability
Non-residential was also down $4.3 billion from the previous month
PwC report says banks can win if they embrace customer serviceCanadian consumers want easier access to all their financial information and accounts and banks are well-placed to meet that demand.
A new report from PwC published Monday says that ‘open banking’ is an opportunity for Canadian banks to reduce costs while also reducing risk of fraud and money laundering.
That’s because financial institutions would be able to share information with each other and third parties such as fintechs and large technology firms.
But the report highlights the importance of getting the customer experience right.
"Customer expectations are evolving rapidly and they are looking for a one-stop-shop where they can find all their financial information," says Diane Kazarian, National Banking and Capital Markets Leader, PwC Canada. "Banks could be among the biggest winners of open banking if they seize the opportunities it brings to create a better customer experience."
The report shows that Canadian consumers have high levels of trust in their banks with regulation ensuring privacy and security concerns are addressed.
But for open banking to continue to uphold the high standards of the regulated financial institutions, third parties will also need to focus on strong risk management, the report says.
"Financial institutions who get ahead of the issue now will be in the best position to get an early start on their plans and strategies as well as help shape the future of Canadian banking," adds Paula Pereira, Banking Consulting Leader, PwC Canada. "Leveraging their strong customer trust and combining it with the right innovation, open banking will position the Canadian banks for success in meeting customers evolving needs for digital interactions and greater control over their data."
The federal government is currently assessing the merits of open banking.
Report reveals the upcoming neighbourhoods in Ontario, BC
A revolution designed to raise the bar for the entire Real Estate Industry.
Two American companies have recently decided to setup shop north of the border, bringing both excitement and trepidation to the Canadian real estate scene
Global real estate brand continues Canadian expansion with its first Whistler brokerage