What’s the Difference between Open Banking and Banking as a Service (BaaS)?
Spot the Differences: Open Banking & Banking as a Service I do a bit of grade one work these days. It’s not that much, really. A little more than usual, though. Actually, I really shouldn’t take any real credit for it because I can’t say with any level of confidence that I personally do the work—my daughter takes care of
What Is Digital Lending?
Loans and mortgages aren’t completely broken. That’s primarily because the main difference between something that’s broken and something that’s not broken is that broken things generally can’t do the functional job they were initially designed to do, often because some critical element or piece is either damaged or missing. For the most part, traditional loans and mortgages still do the
What is an RESP?
What Is an RESP? It’s the question we all wished our parents had asked at any point during the nearly two decades before we innocently packed up our torn Levi’s and White Stripes CDs and headed off to study at one of the most expensive universities, in one of the most expensive Canadian cities, where we would spend the next
What Is Mortgage Software?
Before exploring mortgage software and how this specialized financial services solution is used by banks and financial institutions, let’s take a moment to look at the housing market. Maybe you’ve heard a little something about the rising price of homes in Canada. Sound familiar? With what’s been referred to as a perfect storm consisting of near-zero interest rates, record-low inventory
Will Banking-as-a-Service Destroy Open Banking?
When it comes to financial technology and financial services innovation, the banking industry is still evolving. Banks are modernizing, fintechs are adapting. We’re unquestionably somewhere in the middle of a kind of banking evolution. Whether we’re looking at technology, legislation, or even banks and other industry players, one thing is consistent: Things are changing. Even how we talk about different
What Is a Virtual Private Cloud?
Virtual Private Cloud Will Play a Critical Role in the Future of Banking Although at first glance a virtual private cloud may sound like the futuristic virtualization of cloud computing technology and banking infrastructure within the metaverse, that’s not exactly it. (Well, not yet, anyway.) A virtual private cloud is a secure cloud computing technology solution that’s primarily reserved for
What’s the Difference between Public, Private, and Hybrid Cloud?
It’s time to move. So, which is it: A public, private, or hybrid cloud? What about a virtual private cloud? Are the choices still too cloudy? With the banking industry anticipating considerable changes over the next twelve to twenty-four months—driven by both the effects of digital acceleration in a lingering global pandemic and the federal government’s recommendation that Canada should
Cloud Security | Is the Cloud Safe for Banks?
Moving data from local systems to the cloud can feel incredibly intimidating, but it’s even more intimidating when that data contains the private financial information of tens of thousands of banking and financial services customers. Add on legitimate concerns about cloud security, pair that with the ambiguous nature of a financial institution’s regulatory compliance obligations, and things become—well, a little
Are Digital-Natives an Opportunity for Alternative Lending?
What Does a Quiet Shift in Key Demographics Mean for Both Banks and Alternative Lending? As Canadian banks and financial institutions continue to press forward with ongoing digital strategies, including legacy modernization and cloud migration journeys, an important generational shift has quietly taken place over the past few years: Millennials have overtaken Baby Boomers to become the largest generational demographic
What Is A Subprime Loan and How Does Subprime Lending Work?
Are Subprime Loans Creating Opportunities during Our Ongoing Housing Boom? Let’s face it. We’re not all billionaires armed with unfathomable amounts of personal wealth, funding our own space exploration programs, and performing summersaults in microgravity as we toss around Skittles to our crewmates. OK, some of us are. But most of us are simply focused on, you know, more earthly