The future of financial Crowns
Changes in an evolving landscape
The pandemic has placed pressure on financial Crowns—Crown corporations dedicated to financial services—to play a more integral role in shaping the Canadian financial services industry.
Rising unemployment rates have pushed financial insecurity to an all-time high, along with increased fears of price‑gouging and the inability to pay rent. These uncertain economic times prove that public sector entities play a crucial role in the Canadian economy, despite not receiving as much attention as their private sector counterparts. Unlike private sector organizations, they must navigate a more complex environment while meeting a broader mandate. Each report in this series will explore the impact of a key trend on financial Crowns and explore the opportunities it presents for refreshing their business models or reframing ongoing interactions between leadership, talent, and customers.
Moving beyond virtual connections
As COVID-19 spread, causing widespread shutdowns, organizations quickly realized that technology is not the main barrier to a successful workplace—that it is, in fact, a key enabler. That settled, many workers saw their volume of work increase, as regular face-to-face interactions were replaced with continuous virtual ones, such as the now-ubiquitous back-to-back meetings, often leaving leaders with little time or mental capacity to focus on the broader business issues at hand. As such, leaders now see the need to consider new approaches to talent, including open talent, to redefine the very nature of work (e.g., hybrid work models as the new norm), and to rethink the notion of productivity based on roles and outcomes, as opposed to volume of tasks. How will these changes impact Canada’s financial Crown corporations?
Evolving business models in financial Crowns
In contrast to many private players, financial Crowns have a neutral position as ecosystem builders, and are often the sole providers of specific services in the Canadian economy. As new customer preferences and business models emerge in the financial services industry—including fintech services that wouldn’t have been possible a decade ago—financial Crowns should assess their current offerings, determine how they should evolve, and then figure out how.