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GTA Financial Services Cluster,[object Object],MRK625w10,[object Object],Johnny Paspalovski,[object Object],MRK625MS,[object Object],GTA CLUSTER/SENECA COLLEGE,[object Object]
What is a Cluster?,[object Object],Michael Porter defines a cluster as follows…,[object Object],A concentration of companies and industries in a geographic ,[object Object],Region which are interconnected by the markets they serve, ,[object Object],and the products they produce, as well as the suppliers, ,[object Object],trade associations and educational institutions.,[object Object]
Benefits of a Cluster,[object Object],Cluster environment helps create local jobs ,[object Object],& fuels economic growth in a region,[object Object],Clusters contribute to a higher quality of life,[object Object],for the community, the region and the country,[object Object],Clusters foster high levels of productivity and,[object Object],innovation and lays out the implications for ,[object Object],competitive strategy and economic policy,[object Object]
What Can A Cluster Be?,[object Object],A cluster can be any of the following………,[object Object],Incubator,[object Object],Convergence Centre,[object Object],Accelerator,[object Object],Innovation Centre,[object Object],Centre of Excellence,[object Object]
Who makes up the GTA’s Financial Services Cluster?,[object Object],Banks,[object Object],Credit Agencies,[object Object],Big 5 banks,[object Object],Insurance Companies,[object Object]
Toronto has a concentration of 1,700 financial services firms,[object Object],Employment in the financial services sector has grown steadily ,[object Object],The financial services sector has added stability to the City's economy,[object Object],The Financial Services Cluster consists of three main industry groups,[object Object]
What is happening around us?,[object Object],Making Toronto one of the world’s top 10 financial centres,[object Object],CIBC Expands its Branch Network,[object Object],ING Direct Launches Mobile App,[object Object]
Ranking/Competitors,[object Object],North America’s top 3 financial clusters,[object Object],New York,[object Object],Chicago,[object Object],Toronto,[object Object]
BMO Calls for Companies to Innovate,[object Object],Leaving Off on This Note,[object Object]
Please Visit My Blog….,[object Object],http://jpaspalovski.wordpress.com/,[object Object]

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Notas del editor

  1. Toronto has a concentration of 1,700 financial services firms. Employment in the financial services sector has grown steadily throughout the period between 1983 and 1999. According to the City's annual employment survey, the financial services sector grew from approximately 97,000 in 1983 to approximately 130,000 in 1999.The financial services sector has added stability to the City's economy and is closely aligned with other key business clusters in the City. While the sector has shown steady growth, the composition of employment within the sector has been changing.The Financial Services Cluster consists of three main industry groups; banking, insurance, and securities. These industry groups are often referred to as the "pillars" because traditionally, they were prohibited from entering into each other's core business. Each of the large banks in Canada is now engaged in activities far beyond traditional deposit-taking functions. The modern Canadian bank is a complex entity providing services including wealth management, corporate financing, capital markets, and merchant banking along with their insurance and securities subsidiaries.
  2. Toronto’s financial services industry – Ontario government is pushing for the new national securities regulator to be located in the city – according to the provincial budget. The budget pledges to create a Financial Services Leadership Council, enlisting financial sector chief executives and leaders from all levels of government to make Toronto one of the world’s top 10 financial centres.CIBC announced that it will open or expand 20 more branches in the latest stage of a plan to improve its network across Canada.The bank said it will focus on high-growth communities, with the majority of the expansion in the GTA. The new branches are expected to open by the end of 2010.ING Direct is the latest Canadian financial institution to launch a full-featured mobile banking app that allows customers to transfer funds, check account balances and transactions, and search for the nearest ABM on a BlackBerry or iPhone. Last month, CIBC released an iPhone app that allows money transfers and bill payments. Scotiabank’s BlackBerry and iPhone apps only allow users to find their nearest branch or ABM, while RBC doesn’t have a banking app but does have an optimized website for banking on mobile phones.
  3. Toronto is the third largest North American financial services centre after New York and Chicago and is Canada's financial and business capital. Toronto's financial services sector is the continent's fastest growing. Head office and strategic planning functions, financial product development, risk management and systems design, training and development - just some of the expertise found in Toronto's dynamic and vibrant business centre.
  4. Bank of Montreal chief executive Bill Downe reminds Canadian firms to focus on opportunities that can arise from the economy during its rebound. What I got out of this article was that in order for Canadian firms to compete on a global scale they must depend on efficiency and innovation. Mr. Downe  sees many opportunities for the Bank of Montreal to grow in the U.S. as the economy improves and its now that they must take action for this to occur. “If ever there was a time that we – and I am speaking about both BMO and our customers – should feel compelled to expand our markets and to invest in productivity, it is now,” he said. “Given the relative strength in the economy, businesses have a rare opportunity, and clear incentives to step up innovation and their investment in leading edge equipment.”