How can financial institutions across the industry collaborate to enhance banking choices for Canadians? A panel discussion moderated by Sheila Vokey, Central 1’s President & CEO, kicked off this important conversation today. Together with Jay-Ann Gilfoy, President and CEO of Meridian; Wellington Holbrook, President and CEO of Vancity; Blair Wiley, Chief Legal Officer at Wealthsimple and Barclay Hancock, Chief of Payments of Metrolinx, they discussed strategies to address customer expectations, brand evolution and digital transformation.
Jay-Ann and Wellington also addressed audience questions regarding how credit unions can remain true to their core and purpose-driven mission while adapting to rapid changes in the financial landscape. They emphasized the importance of balancing traditional values with modern demands, ensuring that credit unions can effectively showcase their advantages over banks.
Understanding the AML compliance and risk management landscape
Heightened risk emerged as a top-of-mind topic for financial institutions, particularly as regulators take a more active role in overseeing risk management and governance.
Philippe Blanchette, Acting Deputy Director and Chief Compliance Officer of FINTRAC, joined Carol Ann Northcott, Central 1’s Chief Risk Officer, to explain FINTRAC’s role as a partner with financial institutions, emerging threats brought out by new technologies, especially cryptocurrencies, as well as the importance of financial intelligence gathering in the collective anti-crime effort FINTRAC is continuing to modernize its approach, including a Score Card that will give real-time feedback to reporting entities on their reporting.
Supporting growth for small businesses in Canada
Small businesses have faced significant challenges in recent years, including pandemic restrictions, rising costs, high interest rates, and declining consumer spending. Dan Kelly, President & CEO, CFIB, and Sue Whitney, Vice President, Payments Strategy and Relationships at Central 1, discussed ways for financial institutions to support small business clients, and how technology such as faster payments can facilitate this progress. Dan reflected, “We’re looking for some true innovation that’s going to mix things up and allow different types of payments, B2B or B2C, that will drive down costs for business owners.”
Additionally, experts from Mastercard, CUPAY, Mainstreet Credit Union, and Arancia shared tools available for small businesses to mitigate cyber security risks, manage sensitive customer data and build reliable IT infrastructure.
Global perspectives and learnings for future development
Experts from different jurisdictions highlighted how credit unions in Australia, the United States, and the Caribbean are adapting to challenges, offering insights for Canadian credit unions seeking to attract new members and talents. Another discussion emphasized rethinking value propositions to better serve future clients and adapt to evolving market demands. During the bridging generations session, we learned about the role of financial institutions when it comes to intergenerational wealth transitions and ways financial institutions can create resiliency within a multi-generational workforce.
Other highlights from the final day include:
- Future paths for credit unions: participants explored successful strategies and experiences from different credit unions, focusing on innovative approaches to mergers with a view to ensure long-term success.
- A competitive overview of the current financial market and possible transformations of credit unions.
Special thanks to our sponsors for making this year’s Momentum a reality.
As we conclude the conference, we’re reflecting on the many reasons it brings value to us to gather to connect and learn. Thank you to the more than 450 attendees joining us in Toronto this week.