CGI, a Montreal-based financial services technology firm, recently surveyed more than 1,400 banking customers worldwide to determine their most sought after financial service needs.
Approximately two-thirds of customers were looking for more wealth-building services from their banks, such as advice on investments, taxes and the transfer of wealth.
Investment Executive interviewed Ivey lecturer and financial services sector consultant Chuck Grace, who stressed the obstacles Canadian banks would face in finding a profitable business model that would allow them to provide tailored advice to the mass or mid-market.
"The banks and the other big financial institutions have been beat up so badly by the regulators that those firms have narrowed everybody into these rigid, solid little boxes," said Grace.
