Winner of the 2018 Donner Prize for the Best Public Policy Book by Canadian authors, Stumbling Giants by Patricia Meredith and James L. Darroch presents a compelling new vision of the Canadian banking industry in which stakeholders work together to propel the country’s banking system into the twenty-first century.
Canada’s big six banks survived the 2008 financial crisis by adhering to traditional banking practices, which made them a safe harbour amidst the turmoil. With banks earning 40 per cent return on equity from practices such as in-person retail banking, pressure from investors with short-term interests continues to discourage technological innovation and adaptation.
However, today’s global information economy has transformed the financial lives of individuals and companies alike. Meredith and Darroch argue that Canadian banks refuse to address the disruptive info-tech changes that ultimately threaten their very existence. The authors also set forth a cohesive set of recommendations to prepare the nation’s banks for the challenges and opportunities offered by the digital age.
This call to action for the Canadian banking will resonate with financial sector managers, policy makers, and, above all, general readers.
- ISBN10 1442649518
- ISBN13 9781442649514
- Publish Date 2 November 2017 (first published 13 October 2017)
- Publish Status Active
- Publish Country CA
- Imprint University of Toronto Press
- Format Hardcover
- Pages 256
- Language English