The Banking Industry

Where it began

In 1817 Canada’s first bank was opened by a small group of local merchants in Montréal. Since then the banking industry has become a major contributor to economic development. Up to the middle of the 20th century, the main function of a bank was to accept deposits and grant loans. Recently, the banking industry has changed and led to the introduction of new products and services. Revisions to Canada’s Bank Act in 1954 and 1967 enabled banks to offer new services such as mortgages and consumer loans.

There are 5 major banks that operate in Canada, which are also known as the “Big 5”

Environmental Awareness

Banks have established environmental policies, goals and practices that facilitate guide their activities within and out. Environmentally-oriented thinking is incorporated into a spread of bank operations, lending, merchandise and services and community activities.

Banks’ activities vary from participation in conservation initiatives in communities across the country, to commitments to known domestic and international levels and coverage agreements. As a matter of fact, the 5 largest banks et al have committed to the Equator Principles — a world benchmark for social and environmental problems in project funding, and a number of other banks in Canada are recognized for his or her achievements within the environmental field.

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New Technology

Most of these new technologies and innovations are tied to personal smartphones, as they are becoming more and more popular.

New Processes - Marketing and Accounting

The banking industry is unique as it is primarily customer-based, so it does not deal with manufacturing, distribution or inventory control, as there are no actual products being sold. Instead, banks focus on the automation of processes, which helps customers and generally speeds things up. This automation can take place in accounting and marketing.

In particular, they should hire or train people who can assess the software market and apply the right solutions. These people should be able to properly manage social media, as it is becoming a huge aspect of everyone's lives. They should be capable of working seamlessly with business and operations counterparts, which is often a difficult task.

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