Stumbling giants : transforming Canada's banks for the information age /

This work analyzes Canada's banking system, which is currently concentrated in six geographically dispersed brick-and-mortar banks. Financial markets are restrained by federal bank regulation and provincial capital market regulation. These geographically diverse banks provided stability during the Great Recession. Evidence shows strong equity returns with rising costs paid by higher fees. Comparison internationally shows there are excessive branches and above average employee pay. Automated services have increased consumer satisfaction, while traditional services have elicited lower satisfaction levels. Banks offering mutual funds charged high fees so returns approximate savings account returns. Small local bank capital requirements make financing smaller businesses difficult. Overall, bank loans were found biased toward large firms with securitization of assets lagging, restraining economic growth. Payments by check continue to dominate as high cell phones costs restrain mobile payments. Financial-tech firms could potentially develop online payments. Illustrative country comparisons suggest aiding change by internal controls supported by boards of directors; capital market activism; business policies/structures reflecting current innovations; and politics and regulation not favoring the status quo. Summing Up: Recommended. Upper-division undergraduates through faculty. --Edward C. Erickson, California State University, Stanislaus