Media Advisory/Spokesperson Availability - Breaking through tradition: Canadian banks must embrace technological transformation

KPMG launches Insights into Canadian Banking on new digital publication iPad app

TORONTO, Aug. 11, 2015 /CNW/ - Digital transformation is impacting the banking industry at an accelerated pace, and cutting edge banks are breaking through traditional barriers by embracing technology and big data capabilities. To keep up with the changing landscape, Canadian banks need to update their organizational strategies to create an environment of technology enablement, throughout front and back office. Without action, profitability – and the bottom line – are at risk.

KPMG's Insights into Canadian Banking explores banking technology enablement through key industry themes that are rising on the corporate agenda, including:

  • Customer journey analytics – Banks must track and analyze customer situations and possible pain points in order to help improve overall customer satisfaction, increasing customer loyalty and ultimately profitability.
  • Anti-money laundering – Anti-money laundering and counterterrorist financing compliance are on the c-suite radar more than ever before, as banking leaders face a range of regulatory mandates and compliance requirements that are difficult to meet under continually evolving rules.
  • New IFRS 9 standard brings new rules – With the new impairment model under IFRS 9 looming on the horizon, Canadian financial institutions must understand critical milestones for implementation, and the new rules that will come with it.
  • Tax transformation – As the banking industry transforms, the tax function within banks does too. Enhanced transparency and improved automation will help minimize tax risk through reduced manual errors and improved employee satisfaction.

Canada's financial institutions are no strangers to significant regulatory burdens, rising customer expectations, mounting stakeholder pressure and the mandate to keep doing more with less. Now is the time for banks to lay the groundwork and set the stage for their technology evolution. Mark Smith, KPMG in Canada's Financial Services Leader, is available to speak about the digital transformation of banking, and KPMG spokespeople are available to provide further insight across all of these topics.

Access Insights today on KPMG Vantage for iPad

Access Insights into Canadian Banking on KPMG Vantage, an interactive publication for iPad. This innovative and free iPad app blends thoughtful analysis with industry facts, data and insights. Business leaders are increasingly preferring to consume data and information on-the-go through immersive and interactive platforms – KPMG's new app brings professionals the information they need to help them succeed in an increasingly complex global business environment.

LEARN MORE

KPMG Vantage App
Insights into Canadian Banking
KPMG's Financial Services Practice
@KPMG_Canada
KPMG on LinkedIn

About KPMG

KPMG LLP, an Audit, Tax and Advisory firm (kpmg.ca) and a Canadian limited liability partnership established under the laws of Ontario, is the Canadian member firm of KPMG International Cooperative ("KPMG International"). KPMG member firms around the world have 162,000 professionals, in 155 countries.

The independent member firms of the KPMG network are affiliated with KPMG International, a Swiss entity. Each KPMG firm is a legally distinct and separate entity, and describes itself as such.

SOURCE KPMG LLP

For further information: Kira Froese, National Manager, Communications, KPMG in Canada, 416.777.8928, kjfroese@kpmg.ca

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