Digital Transformation of the Canadian Financial Services Industry

Influential research. Trusted analysis.

On October 3–4, 2024, CIGI — alongside Cornell University Law School, the McKenna Institute and the University of New Brunswick Law School — hosted an in-person conference that brought together high-level policy makers, entrepreneurs, academics, and finance, legal and technology professionals to explore the opportunities and challenges presented by the digital transformation of the Canadian financial services industry and how policy should adapt to this changing financial, technological and regulatory landscape.

The participants’ discussion is captured in this conference report by Robert Fay. Their conversations build on CIGI’s previous work, with an overriding goal to help develop and expand the relationships and policy networks necessary to capitalize on the opportunities presented by digital transformation and to mitigate the threats that it may pose to Canadian consumers, businesses and governments.

“President Donald Trump’s program of ‘reciprocal’ tariffs could deliver a fatal blow to the rules-based trading system that the World Trade Organization (WTO) is meant to uphold. Yet it would be unfair to suggest that Trump is bulldozing a well-functioning institution,” writes Hector Torres in this article first published by the Hinrich Foundation; a version appeared also in the Official Monetary and Financial Institutions Forum.

“The rules-based trading order and its guardian, the WTO, have been breaking down for a long time. Trump’s reciprocal tariffs may force WTO members to confront a ‘reform or die’ dilemma they have been dodging for too long.”
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As G7 leaders prepare to convene in Kananaskis, Alberta, later this month, CIGI considers some real challenges for members of the global community: How does AI actually lead to higher productivity at the national level? And how can we create a governance architecture that moves away from just sheer competition to coordination?

In their recent special report, AI-Driven Productivity Scenarios, Paul Samson, S. Yash Kalash and Nikolina Zivkovic present ideas from global thinkers on these topics. In a newly released companion video, Samson, president of CIGI and convenor of Think7 (T7) Canada 2025, and Kalash, research director of digital economy at CIGI and chair of T7 Task Force 2 on the digitalization of the global economy, provide a brief introduction to the report, highlighting three key conduits that link actions and improved productivity outcomes, as well as plausible scenarios for the potential impact of AI on global productivity.

Watch the video and read the report.

“The United States is cutting and undermining official US data across a wide range of domains, eroding the foundations of evidence-based policy making. This is happening mostly under the radar here in Canada, buried by news about US President Donald Trump’s barrage of tariffs and many other alarming actions....This will have long-lasting effects on the ability of US policy makers to track and respond effectively to the needs of their citizens. The impact is also spreading beyond the United States and will make it harder to monitor and address a wide range of Canadian and global issues.”

In this opinion, Danielle Goldfarb argues that “with deep ties to the United States, Canada needs to take action to reduce these critical blind spots. The challenge brings a major strength into the picture: Canada’s statistical agencies have strong reputations as trusted, transparent information sources.”

CIGI has a contract position opening for a dynamic and visionary Manager, Creative and Digital Production to lead our multidisciplinary creative team. This role is responsible for translating CIGI’s cutting-edge research into compelling, accessible digital and visual content including reports, interactive tools, data visualizations, multimedia assets and more.

Deadline to apply is June 19. Find out more here and please share with your contacts.
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