Matthew Seagrim

Today marks an important milestone for Canada. With the release of the 2024 federal budget, we now have further details on the implementation framework that lays the foundation for consumer-driven banking. Undertaking an iterative approach, the framework will evolve to adapt to future regulatory shifts and market demands in order to maximize innovation and enable competition. Open Banking opens a world of possibilities for Canadians to explore new and innovative products and services that will help to enhance their economic outcomes. Symcor looks forward to continued collaboration with ecosystem participants and the newly appointed governing body, Financial Consumer Agency of Canada (FCAC), to support a secure and dynamic financial ecosystem. In this rapidly changing landscape, staying competitive is crucial. Don't get left behind. Accelerate your Open Banking readiness with Canada's trusted data network - COR.CONNECT. Learn how Symcor can help facilitate seamless data exchange among market participants: https://lnkd.in/ggi7w5wG #OpenBanking #ConsumerDrivenBanking

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Earlier this week, we elevated ourselves — and not just to the 29th floor 😉. We took things to new heights at the Quebec Marketing Leaders Summit. Always enriching to hear senior executives and leaders openly discuss the value, challenges, and opportunities for Marketing with a capital M. Here’s my Top 10 Key Takeaways for reflection, in no particular order: 🚀 𝐓𝐇𝐈𝐍𝐊 𝐁𝐈𝐆: From CMO to CMO+, the role is becoming more complex and enriched with additional responsibilities. 💰 𝐓𝐇𝐈𝐍𝐊 𝐑.𝐎.𝐈.: View marketing as a growth driver; ask, “What will the investment deliver?”; think in terms of business case. 🤝 𝐓𝐇𝐈𝐍𝐊 𝐒𝐀𝐋𝐄: Every project involves continuous selling — even after it’s been approved! 🖥 𝐓𝐇𝐈𝐍𝐊 𝐓𝐄𝐂𝐇: Reimagine the operating model with IT. Collaborate and integrate the consumer’s perspective. 🌎 𝐓𝐇𝐈𝐍𝐊 𝐆𝐋𝐎𝐂𝐀𝐋: Set a broad vision and guiding principles while allowing regional teams the flexibility to adapt with their expertise. 📊 𝐓𝐇𝐈𝐍𝐊 𝐌𝐄𝐓𝐑𝐈𝐂𝐒: Use data to make discussions objective; make it more scientific than creative. 🙋‍♀️ 𝐓𝐇𝐈𝐍𝐊 𝐂𝐔𝐒𝐓𝐎𝐌𝐄𝐑: Don’t "speak to yourselves"; marketing must champion the consumer’s voice; that’s our prerogative 📈 𝐓𝐇𝐈𝐍𝐊 𝐋𝐎𝐍𝐆 𝐓𝐄𝐑𝐌: Balance short-term and long-term impacts (brand building vs. conversion). ✏𝐓𝐇𝐈𝐍𝐊 𝐏𝐋𝐀𝐈𝐍 𝐋𝐀𝐍𝐆𝐔𝐀𝐆𝐄: Tailor the message for executives, move away from jargon; make it easier for them to advocate for your project. 🔗 𝐓𝐇𝐈𝐍𝐊 𝐂𝐑𝐎𝐒𝐒-𝐅𝐔𝐍𝐂𝐓𝐈𝐎𝐍𝐀𝐋: Add value to all divisions; make marketing the “glue” that holds the organization together. A big thank you to all the panelists for the candid conversations, and congratulations to m&h and the Association of Canadian Advertisers (ACA) for hosting such a great event. I laughed, and I even cried (thanks to the campaigns from CHU Sainte-Justine Foundation and Swab The World )! See you next year? 😃

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Exciting conversation between Jason M. Pereira and John O'Connell, MBA, CEO of The Oasis Group, spotlighting key issues in the financial advisory industry. At Mobile Assistant, we were particularly interested in the discussion surrounding the importance of Human-in-the-Loop (HITL) for data accuracy. #Advisors, this is a must-listen! Key topics include: ✅ Technology integration ✅ Cybersecurity ✅ The rise of AI ✅ The need for standardized tech stacks in financial advisory firms At the 31:08 mark: A valuable discussion on meeting note software and why human oversight in AI transcription is crucial. John makes an impactful point: "The need for Human-in-the-Loop processing of meeting notes all comes down to the 'ROI of better notes.'" https://lnkd.in/gjQ3Y6ug

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📢 Budget 2024: Canada’s Consumer-Driven Banking Framework Symcor is encouraged to see the federal government’s latest efforts to advance Consumer-Driven Banking in Canada. #Budget2024 announced that the government will table legislation this spring to establish the foundational framework elements that will regulate access to financial data, providing Canadians and small businesses with safe and secure innovative tools to manage and improve their financial well-being. Here’s a recap of the key highlights from #Budget2024: 🏢 The Financial Consumer Agency of Canada | Agence de la consommation en matière financière du Canada has been designated to oversee, administer and enforce the framework. 📜 The government will mandate the use of a single technical standard to support functionality and interoperability. ⌛ Soon to arrive legislation will address key elements such as governance, scope, criteria and process for the technical standard. Remaining elements of the framework will be legislated in fall 2024. 🎯 The implementation of the framework will protect Canadians and the financial system from screen-scraping, which has serious security, liability, and privacy risks. Currently, an estimated 9 million Canadians share their financial data through screen-scraping. 📝 Federally regulated banks and credit unions, as well as provincially regulated credit unions are exempt from accreditation requirements. All other entities seeking to participate in the framework will be required to meet the accreditation criteria. 💳 The scope of data that participants will be required to share at the request of a consumer will initially include data related to chequing and savings accounts operations, investment products available through their online portals, and lending products, such as credit cards, lines of credit, and mortgages. To read what's in the budget, visit: https://lnkd.in/gQi9xyT5 For a deep dive into Canada's Consumer-Driven Banking Framework, go here 👉 https://lnkd.in/g9T25RnW To learn how Symcor's COR.CONNECT platform enables secure exchanges of data, visit: https://lnkd.in/ggi7w5wG #OpenBanking #ConsumerDrivenBanking

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Looking forward to participating on the panel Carrie Lam! Critical Illness insurance is an important part of a complete financial plan. The sales cycle of this product is intricate with many variables for advisors to navigate. Which can make it a challenging sale for many advisors…but presents tremendous opportunity for those who lean into this compelling risk management product. Agree or feel differently? Please let me know with a comment!

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The Canadian financial technology companies’ industry association, Fintechs Canada, has appointed a new set of seven directors to its Board. The organization is a not-for-profit entity to collectively represent interests of the fintech players in the country. Accordingly, all the seven directors are senior leaders from the Canadian fintech industry. The new Directors of the Board will assume their roles with immediate effect for the 2024-25 period. The seven board members are: Andrew Graham, Co-Founder and CEO of Borrowell; Laurence Cooke, Founder and CEO of nanopay; Anne Butler, Chief Legal Officer at Peoples Group; Jessica Oliver, Head of Government and Regulatory Relations at Wealthsimple; Ben Harrison, Partner, Head of Partnerships and Policy at Sagard; Dominique Samson, Vice President of Corporate Affairs at Flinks; and Peter Aceto, Chief Banking Officer of Koho. While it’s not been explicitly mentioned, it seems that Graham, Cooke and Harrison were also part of the preceding board. That Board of Directors was announced in November 2022 along with the rebrand to Fintechs Canada. Further, Graham takes over as the new Chair of the Board. Appointed in February 2021, Alex Vronces serves as the association’s Executive Director. Among its achievements, the association lists the implementation of a federal open banking framework, changes to legislation to increase access to payment systems, and reaffirmed commitments to launch Payments Canada’s real-time rail. Moreover, Fintechs Canada is is now looking forward to create a forward-thinking fintech policy agenda to help spur ongoing innovation and growth in the industry as the federal election year draws near. #canada #fintech #board

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The Canadian banking landscape is dynamic, and it's key to stay ahead of the curve in media strategies. This FREE report from Semantrum delivers an in-depth analysis of how major Canadian banks leverage media from January to April 2024. Here's what you'll gain: - Evolving trends: Discover the latest communication tactics employed by Canadian banks. - Content focus: Understand the key topics banks use to connect with audiences. ️ - Media effectiveness: Analyze the success of different media channels for brand building and engagement. Don't miss out! Download your copy of the report today and gain valuable insights into the media landscape of Canadian banking. https://lnkd.in/dauZjWbJ #CanadianBanks #MediaStrategy #mediamonitoring #pr

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Exciting Partnership Announcement! We’re thrilled to welcome Fintechs Canada, a dedicated not-for-profit organization that serves as the collective voice for fintechs in Canada, as our newest #CommunityPartner! Through this partnership, we’ll collaborate on initiatives designed to foster equity and inclusion, driving positive change across the finance sector. Stay tuned for more updates as we work together to create lasting impact! #DiversityInFinance #InclusionMatters #CommunityPartnership #EquityInFinance

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“It’s not just about speeding up operations; it’s about making them better.” – Tina Allan Earlier this year, Tina Allan spoke at our partner CIBC Mellon’s Fintech Innovation Showcase event, emphasizing the importance of leveraging technology to add value across the entire Operations and Client value chain. Echoing this, Derek Lynden’s recent message at the IFIC Leadership Conference was that incremental change alone can’t justify a business case. This theme underscores the need to evaluate and re-engineer entire workflows to truly improve experiences. Ask us how we can reinvent your journey towards operational excellence: https://lnkd.in/gK4E_iD3 #wealthmanagement #financialservices #fintech

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Learn How We Transformed Customer Service and Leadership for a Canadian Bank. Case Study: A Regional Canadian Bank’s Journey to Excellence Discover how our frameworks delivered measurable results (https://lnkd.in/esF56kn9)

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Very pleased to find out we've been named one of 2024's Top 25 Wealth Tech Providers in Canada by Wealth Professional 🥳 It's a broad category (not just financial planning software) and their methodology, as outlined in the announcement, is: "Wealth Professional invited technology service providers from around Canada to submit nominations, detailing the problems or pain points their offering is designed to solve or relieve for wealth management professionals and how their solution differs from those offered by competitors. The WP team objectively assessed each entry for detailed information, true innovation, and proven success – along with benchmarking against the other entries – to determine the Top 25 Wealth Tech Providers." 🙌 a big thank you!! #fintech #financialplanningsoftware

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Discover how the CTO of General Bank of Canada transformed IT from a service unit into a strategic powerhouse. Plus, learn why she sees AI shaping company culture more than tech itself. Tina Mathas BA. MSc. Ed Murray #GenAI #DigitalTransformation #ArtificialIntelligence Read more now:

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Open finance has the potential to transform the Canadian financial sector by allowing financial institutions like credit unions, in collaboration with payments services providers, to offer members access to financial products, efficient management, and secure real-time data. Collaborative research like that conducted by the Open Finance Network of Canada provides valuable insights into Canada's approach to open finance. Read the white paper: https://lnkd.in/eEQqUBZT #OpenFinance #CreditUnions #SmallBusiness #ModernPayments

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Is over-cautious financial regulation making Canada's productivity crisis worse? Kevin Carmichael tackles this question in his latest for The Logic. As Jean-Francois Perrault puts it: "There is an economic cost to making an already-safe system safer." It's time that we focus financial regulation on lessening costs and increasing consumer-choice, alongside safety and stability. https://lnkd.in/erhwBmyw

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💭 Ready to dive into the fundamental and practical aspects of implementing #openbanking in Canada? On May 9, 2024, join Hyunju (Crystal) Park and Alana Scotchmer for the Ontario Bar Association's upcoming program, "Primer on Open Banking,” to explore the advantages and risks of an open banking system, privacy considerations, what implementation would look like and much more! Check out the full program agenda 👉 gowlg.co/4biaqTD #OBA #FinancialRegulation

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The end of our fiscal year is around the corner, which means that Interac Corp. will soon be entering the start of a new 3-year strategy. Our North Star? Leading Canadians to digital prosperity. How? By being an operator, protector and enabler. I explain more in my latest article with Fast Company 👇

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Digital innovation is reshaping finance, making financial services more accessible and inclusive for Canadians. Dive into this transformative space with us at the Canadian Lenders Association Bankers Summit on May 15 in Toronto. Panel Discussion Highlights: 💡Launching New Products: Explore practical and inspiring examples of recent digital financial product launches that showcase inclusive innovation and Agile product development. 💡Navigating Challenges: How to overcome bottlenecks and implementation risks including frameworks, talent, governance, and compliance. 💡Strategic Approaches: Compare building internal capabilities with forming ecosystem partnerships, focusing on the benefits of in-house development versus leveraging partners, and the importance of test modes for gaining traction. Don’t miss this opportunity to gain invaluable insights that could define the winners and losers of tomorrow’s financial landscape. Mahima Poddar Jean Amiouny Baanu Ratneswaran Hamid Akbari #DigitalFinance #FinancialInnovation #FinTech #FinancialServices

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