Gone are the days when the focus areas for banks were largely
M&A and growth. In addition to ever increasing regulatory and
compliance obligations, banks are grappling with new technologies
and innovations that affect the way in which banks interact with
Payment technologies continue to advance, with improvements in
the security of contactless payments and increasing adoption of
electronic peer-to-peer payments. Partially as a result, banks have
access to more information about their customers' behaviour,
yielding data and analytics that can be exploited across all
banking functions. Of course, the collection and use of "big
data" dovetails directly into the need for banks to focus on
According to the 2015 Banking Outlook report by the Deloitte
Centre for Financial Services, the introduction of the Apple Pay
mobile payment solution will spark growth in contactless payments,
potentially reducing the role traditional banks play at the centre
of the payment experience. As the Deloitte report observes, this
may cut into interchange revenue and brand recognition and
accordingly banks must look for ways to increase or maintain
revenue by differentiating their customer experience and developing
innovative strategies to use customer data to push customized
The increasing importance of data analytics and data management,
in an era of hyper-focus on cybersecurity, has resulted in many
banks appointing a Chief Data Officer to both manage data and
security exploit it across business functions. The Deloitte report
concludes that "monetizing data to dive increased revenues
could begin to become a reality" in 2015 "especially in
more mature institutions that have put in place appropriate
analytical capabilities and governance."
Banks will, of course, continue to pursue M&A opportunities
and increase the typical revenue-generating activities (deposits,
fee-based services), but they will also focus on establishing their
role in the payments space, exploiting their deep wells of customer
data, with an eye on security.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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