Front-runner of the 2018 Donner Prize for the Best Public Policy Book by Canadian authors, Stumbling Giants, (PDF) by James L. Darroch and Patricia Meredith presents a captivating new vision of the Canadian banking industry in which stakeholders work together to drive the country’s banking system into the twenty-first century.
Canada’s big six banks survived the 2008 financial crisis by sticking to traditional banking practices, which made them a safe harbor among the turmoil. With banks earning 40 percent return on equity from practices like in-person retail banking, pressure from investors with short-term interests continues to dissuade technological innovation and adaptation.
Though, today’s global information economy has transformed the financial lives of individuals and companies alike. Darroch and Meredith argue that Canadian banks refuse to address the disruptive info-tech changes that eventually threaten their very existence. The authors also set forward a cohesive set of recommendations to prepare the nation’s banks for the challenges and opportunities provided by the digital age.
This call to action for Canadian banking will reverberate with policymakers, financial sector managers, and, above all, general readers.
Additional ISBNs: 978-1442649514, 978-1442620445
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NOTE: The product only includes Stumbling Giants: Transforming Canada’s Banks for the Information Age in PDF. No access codes are included.
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