Going Abroad: Examining the International Footprint of Canada’s Financial Services Sector

Name: Going Abroad: Examining the International Footprint of Canada’s Financial Services Sector
SKU: 6683-0405-WEB
Availability: InStock

Canadian Economics

December 11, 2014

Canadian Economic Analysis Global Economic Analysis Industry Economic Analysis

Author: Lin Ai, Michael Burt

$205.00

Financial services such as insurance, banking, securities trading, and portfolio management are becoming increasingly tradable in the modern economy; since 2000, global exports have tripled and Canadian exports quadrupled.

Global and Canadian trends in banking and insurance are examined in this report.

Foreign affiliates, despite the rise in exports, remain the principal way in which Canadian financial institutions serve their overseas customers.

Emerging markets are often the most attractive areas for expansion with strong demand growth, limited foreign penetration rates, underserviced markets, and less well-established incumbents.

Signal49 Research partnered with the Toronto Financial Services Alliance to design and conduct a survey of financial services firms in Toronto about their international operations.

The firms were asked in particular about their strategies for foreign market entry; what factors led to their success; and what challenges they faced.

Respondents identified several keys to success abroad, including the following:

– understanding and respecting the local culture
– finding the right local partner
– having appropriate local management expertise.

Key challenges that were identified included the following:
– regulatory barriers
– gaining access to the right people and skill sets
– and understanding the local market and competition

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This report examines trends in both Canadian and global international trade and investment in financial services, looking at how Canadian financial institutions operate internationally, their key challenges, and factors in their success.