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 an 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 their private-sector counterparts, they must navigate a more complex environment to do so while meeting a broader mandate. Each report in this series will explore the impact of a key trend on financial Crowns and the opportunities they provide when it comes to financial Crowns refreshing their business models or reframing ongoing interactions between leadership, talent, and customers.
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 FS—including fintech services that wouldn’t have been possible a decade ago—financial Crowns should assess their current offerings, deciding if they should evolve and, if so, how.