Sheila Vokey, President and CEO of Central 1, spoke about credit unions’ positive impact and collaboration strength in her opening remarks, stating “There is a huge cohort of champions out there who believe in what we are doing together. Who believe in competition. Who believe in a better system for Canadians. Who believe Canadians deserve to have options. And who believe in us. Let’s not let them down.”

She then welcomed Senator Colin Deacon to the stage for an inspiring conversation with the audience about consumer protection, recent open banking development and its opportunities for credit unions. Senator Deacon is a leading champion for banking choices for Canadians and competition in financial services. For him, inclusion and diversity are not only a social cause but also an economic consideration. He also touched down on digital ID, mobile data protection and its importance to protect Canadians when consumer driven open banking will be in place in the coming years.

While 2023 has presented its share of economic challenges, there is potential for improvement on the horizon. Bryan Yu, Chief Economist, Central 1, joined by Carol Ann Northcott, Chief Risk Officer, Central 1 and Brian Rogers, Chief Risk Officer, Prospera Credit Union, delved into risk mitigation strategies for credit unions.  

In a significant development, the Government of Canada published the final regulations under the Retail Payment Activities Act on November 22, which will make payments services safer and more secure for Canadians and businesses. Ron Morrow, Executive Director at the Bank of Canada, provided our audience with an insightful outline of the Bank’s efforts to develop the retail payments supervisory framework: Moving money with confidence: Canada’s new regime for retail payments supervision – Bank of Canada  

Here are a few other highlights from our first day at the Momentum 2023 Summit: 

• Kenny Jamer, Security Architect and finance Team Lead, Canadian Centre of Cyber Security, shared current behind-the-headlines’ cyber threat landscape.  
• Breakout sessions led by Central 1 and industry experts focused on proving insights on small business opportunities, open banking, ways credit unions are supporting sustainable finance and fraud protection resources implementation.  
• The day concluded with a fintech pitch battle. 6 fintechs (Fig, ASAPP OXP, Unblu, Personetics, Newton, Walnut Insurance) joined us on stage and showcased their innovations. Among them, Personetics captivated the audience with their data-driven personalization and customer engagement solutions.  

If you’re attending in person, remember to make use of the Momentum app — from practical conference information to enhancing your networking experience, the app is your trusted companion for an immersive conference experience.  

Check out Momentum day two highlight – Central 1’s Momentum 2023 summit concluded today