As the President and CEO of the Canadian Bankers Association (CBA), Neil Parmenter plays a primary role in the development of Canada’s public policy concerning financial services that contributes to a sound, successful banking system that benefits Canadians and Canada’s economy. Prior to working with CBA, he was the Senior Vice President and the Chief Communications Officer at TD Bank Group where he led and advised senior management regarding issues in communications, government relations, and public affairs. With 25 years in banking both in Canada and the U.S., Neil currently leads CBA’s education programs on financial literacy and conveys the viewpoint of the financial industry to the government, stakeholders, and the public.
Neil joins me today to share how technology is changing and impacting the banking system in Canada. He shares some challenges he faced as a young man who was starting to learn about financial affairs. He also discusses what is going on in the banking system in Canada, shares his insights on fintech and the exciting items on CBA’s agenda that they are working on for the benefit of Canadians.
“The key is to be curious — learn what’s next, what’s coming, what’s the potential upside, and what are some of the risks that we need to deal with.” – Neil Parmenter
This Week on Young Money:
- Why financial literacy is a fundamental life skill everyone should learn
- Key success factors in Neil’s career to date
- How technology is shaping banking today for tech savvy customers
- What Canada Revenue Agency’s website, My CRA, is designed to do and ways to access your tax filing documents
- What fintech is, why it is so important and different ways to look at it
- How fintechs can be successful by utilizing and making meaning of the data that people post online so that financial product offerings can be tailored to what they need at the time
- What needs to change to keep Canada competitive on the fintech world stage
- What the Bank Act is and the challenges it poses in light of the frequency of review
- Why banks need a separate set of rules compared to other businesses
- Be curious.
- Listen and collaborate with people.
- Let your passion and enthusiasm shine through.
- Fintechs are enablers that can help facilitate the banking experience.
- Financial Literacy is the Silver Lining that Will Empower Millennials to Master the Gig Economy Article
- Canadian Banks 2018 Banking in the Digital Economy Article by PWC Canada
- My CRA
Connect with Neil Parmenter:
- Neil Parmenter on Twitter
- Neil Parmenter on LinkedIn
- Canadian Bankers Association Website
- Canadian Bankers Association on Twitter
Rate, Share & Inspire Other Young Millionaires-in-the-Making
Thanks for tuning into the Young Money Podcast – the advice show for young millionaires-in-the-making! If you enjoyed this week’s episode, head over to iTunes and leave us a rating and review. Don’t forget to share your favorite episodes on social media!