Canadian Retail Banking Industry

Paper Summary:

This paper discusses the Canadian Retail Banking Industry and how it is working to meet the demands of new technology and new financial requirements on the part of the public, showing that the new environment for banking has produced a more individualized idea of service, in contrast the conformity among banks that once prevailed as the only way to do business.

From the Paper:

"The Canadian retail banking industry is working to meet the demands of new technology and new financial requirements on the part of the public. The new environment for banking has produced a more individualized idea of service, in contrast the conformity among banks that once prevailed as the only way to do business. The new watchword is diversification, which also means a more individual type of bank to serve the needs of its particular clientele. This approach is likely to prevail even more in the future as the consumer takes more control over financial matters as other types of business dealing and seeks a more unique mix of services according to specific needs and preferences. Simon Bernard shows that this process has been in place for at least a decade as Canadian banks have sought to diversify their service offerings to differentiate themselves from the competition, focusing their competencies in a new or a core business area."

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