EP021 Banking in the Digital Economy with Neil Parmenter, President and CEO of the Canadian Bankers Association

As the President and CEO of the Canadian Bankers Association (CBA), Neil Parmenter plays a primary role in the development of Canada’s public policy concerning financial services that contributes to a sound, successful banking system that benefits Canadians and Canada’s economy. Prior to working with CBA, he was the Senior Vice President and the Chief Communications Officer at TD Bank Group where he led and advised senior management regarding issues in communications, government relations, and public affairs. With 25 years in banking both in Canada and the U.S., Neil currently leads CBA’s education programs on financial literacy and conveys the viewpoint of the financial industry to the government, stakeholders, and the public.

Neil joins me today to share how technology is changing and impacting the banking system in Canada. He shares some challenges he faced as a young man who was starting to learn about financial affairs. He also discusses what is going on in the banking system in Canada, shares his insights on fintech and the exciting items on CBA’s agenda that they are working on for the benefit of Canadians.

“The key is to be curious — learn what’s next, what’s coming, what’s the potential upside, and what are some of the risks that we need to deal with.” – Neil Parmenter

This Week on Young Money:

Why financial literacy is a fundamental life skill everyone should learn
Key success factors in Neil’s career to date
How technology is shaping banking today for tech savvy customers
What Canada Revenue Agency’s website, My CRA, is designed to do and ways to access your tax filing documents
What fintech is, why it is so important and different ways to look at it
How fintechs can be successful by utilizing and making meaning of the data that people post online so that financial product offerings can be tailored to what they need at the time
What needs to change to keep Canada competitive on the fintech world stage
What the Bank Act is and the challenges it poses in light of the frequency of review
Why banks need a separate set of rules compared to other businesses

Key Takeaways:

Be curious.
Listen and collaborate with people.
Let your passion and enthusiasm shine through.
Fintechs are enablers that can help facilitate the banking experience.

Resources Mentioned:

Financial Literacy is the Silver Lining that Will Empower Millennials to Master the Gig Economy Article

Canadian Banks 2018 Banking in the Digital Economy Article by PWC Canada
My CRA
Mint
Square

Connect with Neil Parmenter:

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