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AUGUST 2017 ISSUE

CANADIAN BANKER w www.rfigroup.com t twitter.com/RFiMediaGRB

RFi GROUP INSIGHT

ECONOMY & REGULATION

PAYMENTS & TECH

05 A rift in rewards programs in Canada’s credit card market

11 Bank of Canada raises interest rates for first time in 7 years

18 nanopay launches MintChip


Welcome to the August edition of the Canadian Banker, a newsletter designed to give you an update on news and trends within the Canadian retail and commercial banking market, contextualized by RFi Group data. The full range of offerings in payments is explored in this month’s edition, with insights from innovator Laurence Cooke, CEO & Founder of nanopay, following their launch of the MintChip Retail Payment Platform. He shares his opinion on real-time payments and how the Canadian market is shifting. RFi Group insights explore the changing nature of reward programs and the impact on credit card holders, making a prudent prediction as to how consumer behaviours are expected to change in the future. Finally, the big headline of the last few weeks has been Bank of Canada’s decision to increase interest rates for the first time in seven years. We attempt to make predictions on how the market is going to adjust according to these changes. I hope you enjoy the issue. Kind regards,

Cyrielle Chiron +1 416 644 8524 I cchiron@rfigroup.com


CONTENTS AUGUST 2017

05 RFi GROUP INSIGHT A rift in rewards programs in Canada’s credit card market

08 RFi GROUP INTERVIEW Laurence Cooke, nanopay Corporation

11

14

ECONOMY & REGULATION

SAVINGS & BORROWING

Bank of Canada raises interest rates

Mortgage rules to reduce risk in housing markets

18

21

PAYMENTS & TECHNOLOGY

SME & COMMERCIAL

nanopay launches MintChip

FinTech Sandbox expands to Canada


04 RFi MEDIA


RFi GROUP INSIGHT

A RIFT IN REWARDS PROGRAMS IN THE CANADIAN CREDIT CARD MARKET WORDS MARK SCHULTZ

R

ewards programs, in their various incarnations, play a crucial part in the Canadian credit card market. According to RFi Group’s latest Canada Payments Council survey, conducted in the first half of 2017, 81% of Canadian banked consumers hold a credit card, and of those credit cardholders, 82% earn rewards on their Top of Wallet (ToW) card. This proportion has also increased over the past 2 years, rising by 9 percentage points from 73% in the first half of 2015. However, the rising prominence of rewards points comes at a time of some uncertainty in the Canadian rewards market. In May 2017, Air Canada announced that it would be creating its own rewards program, and as a result would be splitting from

Aeroplan in 2020. Once the change occurs on June 30th 2020, Aeroplan members will still be able to redeem their points for Air Canada flights, they will no longer be able to redeem for flights on partner airlines, and customers flying Air Canada will only be able to earn points in the proprietary program. While Air Canada has remained tight-lipped regarding the details of its new proprietary program, there is a strong possibility that they will partner with one or more credit card issuers to issue credit cards that earn points in the new program. So, what does this change mean for the credit card market in Canada? It will certainly present a challenge for American Express, TD and CIBC, the current issuers of Aeroplan cards.

CANADIAN BANKER 05


RFi GROUP INSIGHT

Image source: Phillip Pessar

For these institutions, the question becomes whether their Aeroplan credit cardholders are willing to retain their card if they are no longer able to earn points through booking flights, and is the opportunity to redeem for a wider range of rewards through Aeroplan enough to offset the need to be a member of multiple rewards programs? Competing issuers will also be watching developments in this space closely; if the rollout of Air Canada’s new rewards program and the changes to Aeroplan are not handled carefully, there may be potential to win disgruntled rewards cardholders from the current Aeroplan issuers. While the changes to Aeroplan have the potential to send tremors through the rewards market, another possible shock which has the potential to impact the market further is restrictions on interchange fees. We have already seen restrictions on interchange fees introduced twice in Australia (once in 2003 and most recently in July 2017) as well as in the European Union. In Canada, Visa and Mastercard in 2014 committed to voluntary reductions in interchange fees to an average annual effective rate of 1.5%, with progress in this area

06 RFi MEDIA

being confirmed by an independent audit conducted between May 2015 and April 2016. However, in September 2016, Finance Minister Bill Morneau announced that the government would conduct an assessment of interchange fees.

If the government were to introduce restrictions on interchange fees, the effects on the Canadian rewards landscape could be profound; the current rate of 1.5% is a far cry from the 0.5% cap in Australia or the 0.3% cap in the EU. If the government were to introduce restrictions on interchange fees, the effects on the Canadian rewards landscape could be profound; the current rate of 1.5% is a far cry from the 0.5% cap in Australia or the 0.3% cap in the EU. If similar measures were adopted in Canada, we could expect the same moves by rewards card issuers that were seen in Australia and the EU in order to recoup lost revenue; less


RFi GROUP INSIGHT

points per dollar spent, more points required to redeem for rewards, and rationalization of the other benefits offered to rewards cardholders. How would Canadian cardholders react to changes like this? We know that Canadian customers are ‘stickier’ than customers in other markets, and more loyal to their banks, and switching is relatively low. However, rewards already plays a part in credit card attrition; RFi Group data shows that among those rewards cardholders that intend to stop using their current ToW card over the next 12 months, 20% said this was because they were unhappy with the rewards program. Furthermore, regardless of the type of rewards earned on their card, customers that were satisfied with their rewards program were considerably more likely to continue using their card. For cardholders earning airline miles on their ToW card, the proportion likely to stop using their card dropped from 19% among cardholders dissatisfied with their rewards program (0-4/10) to just 4% among those highly satisfied with their rewards (8-10/10). This trend also rang true for those on a cashback card (from 22% to 4%) or those earning other

types of rewards points (from 28% to 3%), and suggests that any changes to the rewards program that negatively impact customer satisfaction with the program have the potential to significantly impact attrition. If interchange restrictions were to be put in place, the issuers of rewards credit cards would need to be very careful about how the devaluation process was handled in order to maximize retention.

Among those rewards cardholders that intend to stop using their current ToW card, 20% said this was because they were unhappy with the rewards program. In summary, for credit card issuers, it is a time of uncertainty and opportunity in the Canadian market. Those issuers that are able to adapt quickly and capitalize on disruption have the potential to win significant market share, while those that handle change poorly, may find themselves losing customers to their competitors.

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RFi GROUP INTERVIEW

CORRESPONDING BANKING IS BROKEN, BUT WE WILL FIX PAYMENTS FOR BANKS

F

aster, cheaper and more secure payments are unanimously desired by consumers, and this is a focus for many industry leaders hoping to impact the Canadian payments eco-system. Banks have not led the payments experience in recent years, meanwhile FinTech innovators have been storming in and stealing market share. Yet, Laurence Cooke, Founder and CEO of nanopay Corporation firmly believes that banks will be the winners once more, with the assistance of technology driven companies like his own. RFi Group’s Sarah Hollinshead sat down with Cooke to get his view on the future of real-time payments and how nanopay’s digital cash offering will play a role in the evolving payments eco-system.

Money starts in a bank and ends in a bank, so it makes sense that we can help move the value better between the banks, and provide a FinTech-like user experience over a newer set of rails.

Founder and CEO, nanopay Corporation WORDS SARAH HOLLINSHEAD

8 RFi 08 RFiMEDIA MEDIA


RFi GROUP INTERVIEW

“The first challenge for me was to try and make payments as ubiquitous and secure as mobile phones, applying some of my understanding from another market. If you started off looking at payments from the bottom up, they certainly would not have been built the way they are today.” From this viewpoint, Cooke shares a very astute analysis of the main issues within the payments ecosystem, stating foremost that corresponding banking in general has broken down. This does not relate to the SWIFT technology, which he believes to be a great offering, but refers more to the existing model by which money is moved from bank to bank. “Following the financial crisis, banks did not want to take credit risk from smaller banks in other countries, and therefore relationships broke down. The consequences of that are longer processes of payments, with more ‘hops’ between various institutions, the cost is obviously increased, and risk is ripe, as often banks know very little about the transacting third party.” “The other thing that is changing is global commerce. Before we were dominated by large global multinationals, and now there are more smaller companies transporting and moving things, and therefore funds, around the world. Corresponding banking is not designed for that.” Cross-border payments is where this break down is most apparent, with Cooke’s own research dictating that 40% of market share in consumer cross border payments has been lost by banks, with 15% lost in the SME market and 5% lost in the commercial business market. With companies such as MoneyGram and Western Union upping the ante as well as newer players such as Zoom and TransferWise making gains in the market, banks really are at risk here. However, nanopay aims to help banks win back this loss of market share. “A combination of better local systems and real-time rails, backed by technology like ours, can be the glue that will

reinvigorate the FX market and bring it back to the banks. Money starts in a bank and ends in a bank, so it makes sense that we can help move the value better between the banks, and provide a FinTech-like user experience over a newer set of rails. Our bet is that the banks will win this market share back overtime.” Cooke argues that banks still have the advantage in many areas and that newer players will struggle to compete.

Our market strategy is to work with banks, not go around them. Unlike some other FinTechs, I don’t believe banks are dinosaurs and will die out, I don’t think blockchain is going to take over the world either. “Our market strategy is to work with banks, not go around them. Unlike some other FinTechs, I don’t believe banks are dinosaurs and will die out, I don’t think blockchain is going to take over the world either. Banks have the lowest cost of capital and all of the customers, so what sort of FinTech can actually compete with that, even if they do have better technology?” The recent launch of nanopay’s MintChip Retail Payment Platform allows consumers to pay with digital cash via their MintChip mobile app and merchants to accept it in Canadian dollars, ultimately bettering the security and customer experience around the payment. Cooke describes the launch as a strategy for their larger business goals. “We have focused on a couple of use cases to showcase how the technology

works, hence this launch. But looking forward, we want to be able to create custom retail payment solutions for partners to encourage more frictionless payments around the world.” He brings to life the benefits of digital cash through a few use cases for business owners, such as being able to pay restaurant staff their tips straight away, without reliance on cash, which often runs out. Furthermore, reconciliation of accounts will be far easier through this platform, as nanopay’s usage of the ISO 20022 standard allows for transaction data to be transported into the invoice system. Digital cash as a solution faces very little competition in the payments market. It is not to be confused with cryptocurrency, which Cooke argues will have a short life span within the banking infrastructure. “The problem with cryptocurrency is that you are taking currency risk on a cryptocurrency that is made up, and therefore volatile. I don’t know why anyone would do that, and this added risk would not sit well with banks I don’t think.” Furthermore, and perhaps surprisingly for a FinTech leader, Cooke believes that the popular blockchain technology has no future in the payments system. “I think blockchain is an incredibly exciting technology and has some really good use cases, but in my mind, they are all identity related. In a liquidity model such as Ripple’s, every liquidity partner has to have accounts at every single participating bank, which is getting back to the problem of corresponding banking. I think that the use case for blockchain is most certainly not payments.” nanopay hopes to play an important role in the movement of money in third world economies, as digital cash provides many benefits over physical cash in these markets. “It will be third world economies that

CANADIAN BANKER 09


RFi GROUP INTERVIEW

to a cashless society first, leapfrogging others in uptake of digital cash. It helps with some of the crazy inflation you see in these markets, as well as preventing any fraudulent activities.”

It will be third world economies that get to a cashless society first, leapfrogging others in uptake of digital cash. When looking at the European markets, and current political climate, Cooke believes that if the Euro breaks down, digital cash could have even more relevance. “I am not predicting that Europe will break down, but if it did, I can’t imagine Spain is going to start reprinting the Peseta, for example. They are going to go electronic.” In July 2017, it was announced that nanopay helped the United States Federal Reserve Faster Payments Task Force develop

10 RFi MEDIA

alternative approaches to implement a faster and more secure payment system in the United States by 2020. nanopay was a contributing member and one of the remaining 16 successful proposers, scoring effective or very effective on 33 of the 36 evaluation criteria. With the release of the final Task Force report and historic opportunity to develop a real-time payment system in the U.S., nanopay sees this as a catalyst to help other companies realize this vision as well. At its core, nanopay is hoping to provide the fastest, cheapest, most scalable way of transacting, welcoming other companies to come up with innovations on top of their platform, and hoping to work with a multitude of banks in the process. This is not a single use technology, they are seeking partners for innovation and come from a very secure heritage, a combination which is likely to serve this company well in a congested payments market.

Follow @RFiMediaGRB on Twitter to keep up to date with the latest interviews and news at RFi Group.


ECONOMY & REGULATION

Economy & Regulation WORDS JONATHAN RUSTON

Bank of Canada raises interest rates for first time in 7 years

T

he Bank of Canada raised interest rates this July, the first hike in rates since September 2010. The rate was increased 25 basis points to 0.75%, with the increase driven by an uptick in household spending that has helped strengthen the Canadian economy. The hike was widely anticipated due to senior Bank of Canada officials commenting in the run up to the increase that the low rates had helped the Canadian economy to recover. This is the first time that interest rates have been raised

during Stephen Poloz’s tenure as Bank of Canada Governor. It is important to note that interest rates have been raised despite inflation being below the central bank’s inflation target of 2%. This is due to the central bank believing that the low inflation rates are temporary, with Poloz stating: “It is worth remembering that it can take 18 to 24 months for a monetary policy action to have its full effect on inflation. This means that central banks must target future inflation by anticipating future deviations from target”.

CANADIAN BANKER 11


ECONOMY & REGULATION

Canadian economy expands 0.2% in April The Canadian economy grew by 0.2% in April according to Statistics Canada, slowing from the 0.5% GDP growth seen in March. Despite the slowdown, the growth figures were considered encouraging, with the growth occurring despite a slowdown in the oil and manufacturing sectors.

Oil and gas saw a 0.8% reduction, while, the manufacturing sector also experienced a decline, down by 0.9%. Despite this, most other major industries grew, resulting in a sixth consecutive month of growth.

12 RFi MEDIA

Oil and gas saw a 0.8% reduction, primarily due to a fire which shut down Syncrude oil sands facility, while, the manufacturing sector also experienced a decline, down by 0.9%. Despite this, most other major industries grew, resulting in a sixth consecutive month of growth. Overall, the Canadian economy has grown 3.3% in the past year. Bank of Montreal Economist Dough Porter praised the growth, stating that “…the economy managed to churn out this stilldecent growth even amid a three-month retreat in oil production, and still has far and away the fastest growth rate among the major industrialized economies over that stretch”.


ECONOMY & REGULATION

Canadian economy vulnerable to economic shocks The Bank of Canada has warned that the country’s financial system is becoming increasingly vulnerable to an economic shock due to growing levels of household debt and “overheating” in housing markets, especially in Vancouver and Toronto. Despite the warnings, RFi Group data from H1 2017 shows that consumers are unlikely to reduce their borrowing appetite in the short term, with fewer consumers concerned (4+/5) about their current financial situation than were at the same point in 2016. The Bank of Canada believes consumers are being pushed into high risk loans to buy houses, such as uninsured mortgages with long amortization periods, as a result of the rapid increase in house prices. This could potentially create economic stress if any economic shocks occur, with Stephen Poloz, Governor of the Bank of Canada, stating that: “Highly indebted households have less flexibility to deal with sudden changes in their income. As the number of these households grow, it is more likely that adverse economic shocks to households would significantly affect the economy and the financial system”.

HOW CONCERNED ARE YOU ABOUT YOUR CURRENT FINANCIAL SITUATION? 1 - Not concerned at all

2

3

4

5 - Very concerned

100% 15%

15%

26%

28%

19%

16%

80%

14% 17%

27%

26%

17%

20%

60% 34%

40%

37%

37%

31%

34%

33% 16%

20% 0%

11%

17%

16%

10%

16%

12%

9%

7%

9%

H1 2014

H2 2014

H2 2015

H1 2016

19%

H2 2016

13%

H1 2017

Source: RFi Group Canada Priority & Retail Banking Council 2017 H1

CANADIAN BANKER 13


SAVINGS & BORROWING

Savings & Borrowing New mortgage rules proposed to reduce financial risk in housing markets WORDS JONATHAN RUSTON

N

ew mortgage rules have been proposed by the Canadian federal government to cooldown Canada’s booming housing market.

The new plans would mean that consumers with uninsured mortgages would have to demonstrate that they could deal with a 2% increase in their mortgage rate, regardless of term. The rule would apply to both fixed-rate and variable mortgages. Furthermore, proposals have also been put in place to ban co-lending arrangements, whereby providers work with unregulated firms to offer loans with high loan-tovalue ratios. Co-lending mortgages can permit lenders to offer mortgages worth up to 90% of the value of a property. Whereas, regulated lenders are not permitted to lend more than 65% of the value of a home to borrowers with poor or no credit records.

It has been suggested by the Office of the Superintendent of Financial Institutions that rapidly increasing house prices and high levels of household debt could cause significant loan losses if economic conditions worsen. It has been suggested by the Office of the Superintendent of Financial Institutions (OSFI), who are imposing the new guidelines, that rapidly increasing house prices and high levels of household debt could cause significant loan losses if economic conditions worsen. Therefore, it is hoped that the guidelines may help to alleviate some of the financial debt burden with which many Canadians are faced.

14 RFi MEDIA


SAVINGS & BORROWING

CANADIAN BANKER 15


SAVINGS & BORROWING

Changes to mortgages impact mobile homes WORDS ELLA TAUTZ-DAVIS Changes to government regulations that occurred in late 2016 that prevent people with mortgage default insurance from refinancing have begun to have unintended consequences on mobile home owners, according to mortgage brokers from DLC Mortgage. Under the current legislation, all borrowers who make a down payment on a property of between 5% and 19.99% must take out mortgage default insurance to protect the lender in the event of default. However, most lenders require mobile homes to be insured if they are located in a mobile park, regardless of the amount of equity the owner has. This has led to many mobile home owners being unable to access finance through major lenders at competitive rates. “The majority of the 183,000 households living in mobile manufactured homes, through government policy change, have the potential of being locked out of accessing the equity in their homes through traditional bank and credit union channels,� says DLC Mortgage Experts broker Dustan Woodhouse.

The majority of the 183,000 households living in mobile manufactured homes have the potential of being locked out of accessing the equity in their homes. Dustan Woodhouse, Broker, DLC Mortgage Experts

Department of Finance spokesperson David Barnabe notes that the government’s new changes apply to all property types, with no rules unique to mobile homes, and that lenders are free to set additional parameters for lending decisions based on their risk appetite.

16 RFi MEDIA


SAVINGS & BORROWING

Canada credit spending continues in Q1 2017 WORDS JONATHAN RUSTON PROPORTION OF CREDIT CARD HOLDERS

Credit spending continued to rise in Canada during the first quarter of 2017, with the average non-mortgage debt increasing 1.9% to $21,696, according to TransUnion. RFi Group data also shows evidence of an increased appetite for credit, showing a 6% increase in the proportion of Canadians that hold credit cards over the last six months, up to 89% in the first half of 2017 from 83% at the end of 2016. The increase in borrowing has been seen across consumer credit products, with auto loans up 2.67% annually, credit card debt up 2.23% annually, and instalment loans up 5.46% annually, although lines of credit are down 1.81% annually. Meanwhile, the 90-day delinquency rate for non-mortgage credit accounts fell 1.45% annually, to 2.72%. The largest decline in delinquency rates were witnessed in Toronto (down 7.55%), Winnipeg (down 3.9%) and Montreal (down 2.51%). This shows that consumers are managing to stay on top of their debt despite the increased borrowing, although there are concerns consumers could face additional pressure if interest rates rise further later this year.

100% 89% 83%

80% 60% 40% 20% 0% 16H1

17H1

Source: RFi Group Canada SME Banking Council 2017 H1

CANADIAN BANKER 17


PAYMENTS & TECHNOLOGY

Payments and Technology WORDS JONATHAN RUSTON

nanopay launches MintChip

n

anopay, a real-time payments platform provider, has announced the launch of the MintChip Retail Payment Platform. The platform will enable merchants to accept digital cash without charge-backs or fear of counterfeit bills, resulting in a more cost-effective alternative to existing payment options. The MintChip ecosystem, which is available in the App Store and Google Play, incorporates the MintChip Merchant

App and MintChip consumer mobile app. Laurence Cooke, founder and CEO of nanopay stated: “Since acquiring MintChip from the Royal Canadian Mint, we have focused on enhancing the security, performance and scalability of our core nanopay platform. While today marks a milestone for the MintChip ecoysytem in Canada, we are excited that partners can create custom retail payment systems that bring frictionless payments through digital cash to countries around the world”.

OTT Pay enables Alipay in-store for Canadian merchants OTT Financial, a Canadian financial service company, has announced that they will provide Alipay, a leading online and mobile payments platform, for Canadian merchants and Chinese consumers through OTT Pay.

Overall, Chinese visitors contribute approximately $1 billion annually to the Canadian economy. Therefore, the service is looking to facilitate the ease and efficiency of making payments to add value to users.

OTT Pay was launched in May this year in Canada and various Canadian merchants are in the process of enrolling the technology.

Souheil Badran, President of Alipay North America noted: “we want to continue offering Chinese consumers visiting Canada the ability to pay as they would in China. We are glad to partner with OTT Financial as they share the same belief of bringing convenience to clients by using mobile technologies”.

The new initiative will enable users to pay for Canadian products in Chinese RMB. Canadian merchants will be able to operate as usual, selling and receiving payments in Canadian Dollars.

18 RFi MEDIA


PAYMENTS & TECHNOLOGY

CANADIAN BANKER 19


PAYMENTS & TECHNOLOGY

Masterpass available on Air Canada. com Currently, only 13% of Canadians have used a mobile wallet, according to RFi Group data, but this might increase soon, with Masterpass, the Mastercard mobile wallet, now available on AirCanada.com and vacations.aircanada.com. According to Duncan Bureau, Vice President, Global Sales at Air Canada, the Masterpass service has been added to these websites to facilitate an efficient payment service when booking through Aircanada’s online platforms. The Masterpass wallet is free for consumers to set up and is compatible with a variety of retailers across Canada. Card details for Mastercard cards and cards from other networks, as well as purchasing information such as shipping address, can be stored within the mobile wallet, enabling users to make fewer steps when processing a transaction.

Currently, only 13% of Canadians have used a mobile wallet, but this might increase soon, with Masterpass, now available on AirCanada.com and vacations.aircanada.com. % OF CONSUMERS WHO HAVE USED A MOBILE WALLET 20% 15% 13%

10%

10%

10%

H1 2016

H2 2016

5% 0% H1 2017

Source: RFi Group Canada Payments Council 2017 H1

20 RFi MEDIA


SME & COMMERCIAL

SME & Commercial

FinTech Sandbox expands to Canada WORDS ELLA TAUTZ-DAVIS

T

he Ontario Centres of Excellence (OCE) has signed a memorandum of understanding (MOU) with non-profit company FinTech Sandbox, in a collaboration that will see the sandbox’s fintech development model introduced into Canada. Boston-based FinTech Sandbox provides access to resources, including data, networks, and cloud hosting, to qualifying FinTech start-ups with the aim of accelerating FinTech product development. FinTech Sandbox offers free access to its services in return for participants sharing their learnings and collaborating to benefit the FinTech ecosystem overall. FinTech Sandbox will begin its program in Ontario before expanding throughout Canada, providing data products from 32 industry-leading partners. Charles Sousa, Ontario’s Minister of Finance, outlined the impact of this collaboration: “This partnership is an exciting step that will help grow our economy, create jobs and give Ontario a competitive edge in an increasingly competitive financial services industry. Ontario Centres of Excellence will provide an important contribution to the FinTech sector, which is poised to grow and thrive in Ontario.”

CANADIAN BANKER 21


SME & COMMERCIAL

PayPal and Canada Post launch new integrated payment and shipping platform WORDS JONATHAN RUSTON PayPal Canada and Canada Post have launched a new integrated payment platform, directed towards small businesses and causal sellers. The platform facilitates an efficient payment and shipping process, with users able to automatically track their orders, print shipping labels, and pay for shipping using their PayPal account. The platform also sends tracking information and confirmation alerts to customers and sellers. Sellers can also arrange for a Canada Post parcel pick-up, saving users the time of dropping off parcels at the post office. The new platform is designed to improve accessibility to e-commerce and increase the proportion of Canadian small and medium sized businesses that sell online, with only 30% of SMEs currently selling online, according to RFi Group data. Paul Parisi, President of PayPal Canada, commented: “Shipping and order fulfilment is one of the most challenging aspects of e-commerce in Canada…Our small business customers have shared that it’s one of their top concerns and often keeps them awake at night. With today’s new solution with Canada Post, we are solving a major pain point for our customers and helping them grow”.

DOES YOUR BUSINESS CURRENTLY SELL ANY PRODUCTS OR SERVICES ONLINE? By annual revenue $0 - $100K

$100K - $500K

$500K - $2.5M

$2.5M - $10M

Total

100% 80%

76% 70%

67%

60%

56% 48%

44%

38%

40%

33% 23%

20%

14%

17%

13%

9%

9%

2%

0% Yes, through the business’ website

Yes, through third party service(s) such as eBay or Amazon Source: RFi Group Canada SME Banking Council H1 2017

22 RFi MEDIA

No


SME & COMMERCIAL

Microsoft adds new online tools for SMEs WORDS JONATHAN RUSTON Microsoft has added a vast selection of new tools to enhance its Office 365 capabilities for SMEs, continuing a wave of new product launches that have occurred in recent years. The new launch includes apps to be included in the Office 365 Business Premium suite such as Microsoft Connections, Listings, and Invoicing. The connections app will deliver email marketing solutions, while the listings app efficiently organizes business information online. The invoicing app is designed to generate electronic invoices capable of being processed online through PayPal, and will allow users to accept card payments. The invoicing tool can also integrate with QuickBooks for data sharing and reconciliation purposes. Furthermore, Microsoft has also announced the launch of the Office 365 Business center which integrates all of the separate apps into a single an activity log, enabling users to keep up to date with all activity within each of the apps being used.

The new launch includes apps to be included in the Office 365 Business Premium suite such as Microsoft Connections, Listings, and Invoicing.

In addition to the other changes, Microsoft also integrated MilelQ into the platform, which can assist in tracking mileage for businesses that rely on company vehicles.

CANADIAN BANKER 23


ABOUT RFi GROUP

RFi Group is a global intelligence and digital media provider focusing exclusively on financial services. We specialise in data and information gathering, customer based insight generation and business decision support for the world’s leading financial service providers. Our aim is to combine global intelligence and local knowledge to provide insightful, valuable and actionable recommendations, with a core focus on the provision of exceptional client service. OUR BRANDS

Covering 44 key global markets with regional offices in San Francisco, Toronto, London, Singapore, Hong Kong and Sydney, RFi Group consistently provides clients with tailored advice and independent intelligence relevant to their specific markets and business needs. EXCLUSIVE FOCUS ON BANKING AND FINANCE RFi Group’s expertise and deep understanding of the banking and finance sector delivers high-value outcomes. Our areas of expertise include: Retail Banking Mortgages Transaction Accounts Savings Accounts Consumer Lending Cards and Payments

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Profile for Adelle Grisaffe

Canadian Banker - August 2017 Edition  

An RFi Group Publication

Canadian Banker - August 2017 Edition  

An RFi Group Publication