MNPCoin Whitepaper

SETTING THE STAGE FOR INNOVATION
The landscape for Canadian businesses is evolving rapidly, driven in large part by
technological advances and consumers’ growing demands for new options. From touch ID
and voice commands to blockchain and digital currencies, the pace of change in the financial
services industry has accelerated, introducing both more choice for consumers and more
complexity for all businesses, including financial institutions and credit unions.
The speed, scope and power of new technologies are improving how and what financial
services are doing, making transformation a critical component to meet market demand and
stay competitive. The status quo is clearly unsustainable and Canadian credit unions realize
the value of being ahead of change: approximately 92 percent of financial and professional
services organization decision makers say they are either undergoing or anticipate a business
transformation in the next 12 months, according to MNP’s survey: The Transformation
Wave: Change and Technology in Financial and Professional Services.* That’s higher than the
national industry average of 84 percent.
In the survey results, 54 percent of leaders said technology was driving change in their
organizations and 93 percent indicated that technology advancement was underway at their
organization. However, 95 percent said they face barriers to successfully implementing a
transformation initiative.
As the results show, credit unions are far from being immune to the wave of innovation and
transformation. Many are grappling with understanding what they need to change, how
they are going to implement that change and how to make it work for the organization and
its members.

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MNPCoin Whitepaper

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