Sheila Vokey, President and CEO of Central 1, opened the conference, setting the stage for two days of engaging discussions designed to foster collaboration and innovation. In a period of dynamic market change, Sheila reflected: “Despite the turbulence, we’ve also seen a lot of resilience and creativity from our system. Change is upon us all and we need to lean into it and find the best way to embrace the change for a better path forward.”

Senator Colin Deacon joined us again in a conversation with Julie Breuer, Central 1’s Chief Experience Officer. The Senator shared a comprehensive update on the newly established Competition Bureau and Competition Act. In an open and candid manner, they explored how Central 1’s clients can play a role in enabling more competition and achieving an innovative economy. They emphasized why financial institutions should embrace the consumer-driven banking initiative, in absence of a national legislative framework. For the Senator, there are greater needs for credit unions to come together, collaborating with system aggregators to better serve consumer data-sharing requirements.

OSFI recently released its Annual Risk Outlook – Semi-annual update for fiscal year 2024-2025. In a fireside with Sheila Vokey, Tolga Yalkin, Assistant Superintendent of Financial Institutions provided a review of risk guidelines publication, top-of-mind challenges, including federal continuance process and AI. Tolga also addressed credit unions’ concerns about provincial and federal regulation disparities and how OSFI works effectively with the provincial regulators. The institution is also actively striving to balance effective oversight with the competitiveness of financial institutions in Canada.

As technology and AI advance, so do fraudulent activities. Experts from Canadian Anti-Fraud Centre, Your Credit Union, Deloitte and Central 1 examined the implications of a potential liability shift from consumers to credit unions and banks, prompting important conversations about responsibility in combating fraud.

Canada’s inflation rate fell to 2.5 per cent in July. What does this mean for those looking to enter the housing market?  According to Bryan Yu, Central 1’s Chief Economist: “Interest rates will continue to decline, although downside to fixed mortgage rates is limited. Nevertheless, lower rates, federal mortgage policy and pent-up demand from recent years should lift sales. Although economy growth is slow, we are seeing households saving and consumer financial resilience supportive.”

Breakout sessions led by Central 1 and industry experts examined the transformation of Canada’s financial sector, focusing on practical Implementation of Consumer-Driven Banking, synergies needed among disruptors, fintechs and credit unions in building modern financial experiences.

The day concluded with our Future of Payments panel, including a high-level overview of Canada’s progress in modernizing payments and how financial institutions are contributing to this progress, especially access to data. This panel features Kristina Logue, CFO of Payments Canada, Ian Thomas, President and CEO of BlueShore Financial and David Tait, Director of Operations, Agility Forex. The session was moderated by Scott Robertson, Central 1’s Product Director Payment Applications.

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