Apr 032014
 

The following is an article written by Scott, who works in financial services.

The world of finance is one of the most sophisticated markets of them all. Today’s consumers expect far more from a wide-range of financial institutions than they did in the past, and this means that services have to make use of cutting-edge techniques and technologies.

The Financial Consumer Agency of Canada (FCAC) oversees the workings of companies offering different financial products and services in the country. Under the auspices of the Financial Consumer Agency of Canada Act, it has a wide remit for the administration and enforcement of all relevant federal laws and regulations.

As well as ensuring that companies comply with federal consumer protection measures for the protection of customers, the FCAC also promotes the adoption by financial institutions of methods designed to strengthen the financial literacy of Canadians.

Companies such as Amex Canada play an important role in moving the whole industry forward, whether by offering 24/7 Customer Service facilities to deal with concerns or ensuring swift solutions for customers who need replacement credit cards for whatever reason. However, there are many other areas which are also benefiting from innovative approaches.

Fraud protection

One of the most important ways in which financial services can protect customers is by offering up-to-date protection against fraud or unauthorized usage with bank accounts or credit cards. As long as reasonable care has been taken to protect account and PIN details, fraudulent charges are no longer anything to worry about.

Digital commerce

A great deal of the most cutting-edge innovation at work in the financial sector is actually done away from the limelight. The ever-expanding network of both Card Members and merchants around the world means that a truly global overview is needed to ensure that the newest technologies are implemented to enable transactions on new platforms across multiple channels.

Mobile payments are playing an ever-increasing role in day-to-day activities across the board and Canadian consumers and businesses are leading the way in the uptake of new systems.

Financial innovation

With major multinationals seeking to constantly improve financial services for their clients, demographic changes and aspirational attitudes means that new ways of accessing capital and offering personal financial management and savings tools are constantly coming onstream.

With official figures showing that real gross domestic product rose 0.5% in January, after a 0.5% decline in December followed five previous consecutive monthly increases, Canada’s Finance Services are certainly playing their part in moving the country’s overall economy forward.

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