Banking is one of the most influential factors on the economies of today?s society. As with everything these days, technology is changing where, when and most of all, how we do things, specifically banking and other related financial transactions and arrangements such as mortgages, etc.
Recently, in Toronto, the very city we live in, we were in the midst of two possible bank mergers, which would have changed banking and on a larger scale the entire economy, in many ways.
In comparison to the larger banks of the world, Canada?s most major banks are not even close to the size and caliber of international banks like ING Direct, for example. This would not typically be a problem for Canadian banks, however when these international banks move into Canada, which has happened already, and is bound to happen even more as time passes and Canada becomes a more prosperous country, it quickly becomes a very large problem.
Banks are an extremely affluent business. Regardless of where you are in the world banks are right at the top of the list when it comes to capital, equity and earnings. Canada fits right in, in comparison to the rest of Canada. But when we compare Canada?s banks to those of other countries, or even better, international banks, they are simply insignificant.
For example, hypothetically speaking, if the entire world were opting whether or not to adopt a single currency, most deciding factors would be made by the banks of each individual country. Canada, although it is a major world leader in many other categories, would not be looked upon as a country that knew much about international stature, in terms of banking. In this essay I will try to prove how banking is one of the most influential factors on the economy by...