The chief executive of BMO says he sees a “decade of change” for the financial sector driven by technology and consumer behaviour. Bill Downe said that moving quickly to react to new demands and focusing on the solutions that really matter will be key elements to banks and mortgage lenders embracing change. He told The Globe and Mail that start-ups don’t necessarily have the upper hand in the changing market because the existing lenders have large customer bases already. Downe believes that the industry is innovating and that reports of millennials turning their backs on traditional lenders is overstated, however he notes that listening to that generation is important to ensure that their needs are met.
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