Tech is about to shake up financial services four different ways. Here’s how you’ll benefit

Posted by & filed under Data Analytics, FinTech, Privacy.

As we near the end of 2022, the Canadian banking system is experiencing multiple forces that are propelling it toward a once-in-a-generation transformation. Within the next five years, four major factors — portable identity, data portability, richer and faster payments, and digital currencies — are expected to come together to create major disruption at the core of Canada’s financial services industry.
While reckoning with the coming changes will challenge banks and other financial institutions across the country, it also presents an important opportunity for growth and innovation.

Source: Toronto Daily Star

Date: January 2nd, 2023

Link: https://www.thestar.com/business/2022/12/24/tech-is-about-to-shake-up-financial-services-four-different-ways-heres-how-youll-benefit.html

Discussion

  1. “Richer, faster payments drive efficiency and opportunity: Modern advances in digital banking have brought real-time payments, such as e-transfer or QR code payments, to the forefront”
    In what ways is it going to be important for anyone doing anything with payments to have an MIS major?
  2. “Data portability unlocks customer benefits and innovation: As the social contracts that underpin our increasingly digital society become more fluid, so too does the portability of our data. At its most basic level, data portability refers to customers’ ability to securely share their personal data between different vendors, institutions, and other organizations.”
    What are some of the MIS issues around this?

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