Stumbling Giants: Transforming Canada's Banks for the

Stumbling Giants: Transforming Canada's Banks for the Winner of theDonner Prize for the Best Public Policy Book by Canadian authors, Stumbling Giants by Patricia Meredith and James L Darroch presents a compelling new vision of the Canadian banking industry in which stakeholders work together to propel the country s banking system into the twenty first centuryCanada s big six banks survived thefinancial crisis by adhering to traditional banking practices, which made them a safe harbour amidst the turmoil With banks earningper cent return on equity from practices such as in person retail banking, pressure from investors with short term interests continues to discourage technological innovation and adaptationHowever, today s global information economy has transformed the financial lives of individuals and companies alike Meredith and Darroch argue that Canadian banks refuse to address the disruptive info tech changes that ultimately threaten their very existence The authors also set forth a cohesive set of recommendations to prepare the nation s banks for the challenges and opportunities offered by the digital ageThis call to action for the Canadian banking will resonate with financial sector managers, policy makers, and, above all, general readers

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