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Scotiabank Digital Banking Lab

The Future of Banking and Financial Services

June 23, 2017

Image of a man standing in front of two computer monitors

This one-day conference examined how banks are adapting to the evolving regulatory environment, rapid technological change, and digital disruption from financial technology (“FinTech”) start-ups. The speakers included leading professionals from Canada, the United States and Europe who provided their perspectives on where the financial services industry is heading in the coming decade. Participants heard the views of senior bank executives, risk managers, regulators, Board members, shareholders and FinTech disruptors. The audience included banking and financial services practitioners, policymakers, regulators, academics, and the public.

Topics included:

  • How are bank business models adapting to reflect the three forces of technology, regulation and demographics?
  • What political and regulatory changes are expected under the Trump administration?
  • What funding and capital challenges do banks face in light of historically low interest, higher capital and liquidity requirements, volatile global markets, and increased competition for deposits?
  • Where are the best opportunities for Canadian banks wishing to expand abroad? Will U.S. expansions in retail banking, commercial lending, investment banking, and wealth management pay off?
  • Will banks continue to provide attractive risk-adjusted returns for shareholders? What is the outlook for profitability and earnings growth in a low-growth world?
  • Where are the best opportunities for women to break the glass ceiling in financial services? How are they doing in bank senior management and Boards of Directors?
  • How will technological changes such as artificial intelligence, machine learning and big data change the banking industry?
  • What is the best strategy for dealing with FinTech start-ups? Is it better to collaborate or to compete?
  • How are the risks facing banks changing and what new challenges will risk managers need to overcome?
  • How is the role of the Board of Directors adapting to these changes? What competencies are required and how pro-active will boards become in the coming years?

This event was jointly sponsored by the Global Risk Institute for Financial Services and the Scotiabank Digital Banking Lab at the Ivey Business School.

Agenda and presentations for download:


 08:00 09:00

Registration and Welcome Coffee

 09:00 09:15

Introduction and Framing the Conference
Richard Nesbitt, CEO, Global Risk Institute

 09:15 9:45

Morning Keynote Speaker – Perspectives from the CEO
Gerry McCaughey, Former CEO, CIBC

 10:00 10:45

Political and Regulatory Challenges
Greg Wilson, CEO, Greg Wilson Consulting, Author of “Managing to the New Regulatory Reality – Doing Business After the Dodd-Frank Act”

 10:45 11:00

Coffee Break

 11:00 11:45

The View from the Board of Directors
Tiff Macklem, Chair of GRI, Dean of Rotman School of Management and Member of Board of Directors, Scotiabank

 11:45 12:30

Banks Doing Business in the United States
Mary Frances Monroe, Senior Advisor, Treliant Risk Advisors

 12:30 13:00


 13:00 13:45

Keynote Speaker – Women in Banking and Financial Services
Brenda Trenowden, Global Chair of the 30% Club and Head of Financial Institutions Europe, ANZ Bank
Introduction by Mark Vandenbosch, Acting Dean of Ivey Business School

 13:45 14:15

Artificial Intelligence and Banking
Eric Kin-Ho Lee, Co-Founder, (Artificial Intelligence)

 14:15 14:45

Bank Collaboration with FinTechs
Shawn Rose, Executive Vice President, Digital Banking, Scotiabank

 14:45 15:00

Coffee Break

 15:00 – 15:45

Treasury, Engine Room Central
Andrew Stuart, Senior Vice President, Treasury, CIBC

 15:45 16:30

The Chief Risk Officer Perspective
Richard Goulding, Former Chief Risk Officer, Standard Chartered PLC


Wrap-up and Closing Observations
Michael R King, Tangerine Chair in Finance & Co-Director of the Scotiabank Digital Banking Lab, Ivey Business School


Speaker Biographies


 Richard Frank Goulding

Richard Frank Goulding

Former Chief Risk Officer – Standard Chartered PLC

Mr. Richard Frank Goulding serves as the Chief Risk Officer of Standard Chartered PLC. Mr. Goulding is responsible for managing Credit, Market and Operational Risk across at Standard Chartered PLC. He served as Group Chief Risk Operating Officer of Standard Chartered PLC. He served as Chief Operating Officer of Wholesale Banking of Standard Chartered Bank Australia, a subsidiary of Standard Chartered PLC. He served as the Chief Operating Officer for the Wholesale Bank, and was responsible for managing and overseeing various functions including strategy development, research, legal & compliance, technology & operations, risk, finance, human resources, and portfolio management. He joined in 2002 and previously worked with the Old Mutual Group in the USA and with UBS Warburg in the UK, where he served as a Member of the Global Executive Board of UBS investment banking division, chaired the operating committee and took responsibility for programme and regional management. Immediately preceding that, he served as the Chief Credit Officer of the investment banking division and also Group Head of Risk Policies and Systems. He joined UBS from Bankers Trust where he was their European Treasurer. Mr. Goulding joined Standard Chartered from the Old Mutual Group where he was Chief Operating Officer of their global financial services division based in London and Boston. He has been a Director of Standard Chartered Bank since January 14, 2013 until July 1, 2015. He qualified as a chartered accountant with Arthur Andersen and Company, having previously obtained a Bachelor of Commerce degree and a postgraduate degree in finance from the University of Natal in South Africa.

 Michael R. King

Michael R. King, PhD CFA

Tangerine Chair in Finance, Ivey Business School at Western University

Michael joined the Ivey Business School in 2011 after two decades working in international financial markets. Michael began his career in investment banking and trading working between 1990 and 1998 in New York, London, and Zurich with Credit Suisse and RBC Dominion Securities. After completing his PhD at the London School of Economics in 2001, Michael joined the Bank of Canada in Ottawa where he worked in senior positions in the Financial Markets and International Departments. From 2008 to 2011, Michael worked for the Bank for International Settlements (BIS) in Basel, Switzerland as a Senior Economist studying financial markets, foreign exchange, and banking regulation (including an economic analysis of Basel III). At Ivey, Michael teaches on the HBA, MBA and Executive Education programs. Michael is the co-Director of the Scotiabank Digital Banking Lab at Ivey, a research centre dedicated to studying FinTech.

 Eric Kin-Ho Lee

Eric Kin-Ho Lee

Co-Founder, Deep

Eric Lee is a machine learning expert and a Co-Founder of  He leads the company's design and deployment of bespoke AIs for enterprises and is the Product Manager for the company's platform Frontiers.

Eric brings over 5 years of experience working with advanced analytics and machine learning, stemming from extensive academic research at the University of Toronto. His most recent work at centered on deploying generative deep neural networks in retail banking and capital markets.

Eric Lee graduated from the University of Toronto with a PhD in physics.  He has published over a dozen research articles in leading academic journals and is fluent in English, Mandarin, and Cantonese.

He continues to have a deep passion for education and is a recognized expert in demystifying the hype around artificial intelligence.

 Tiff Macklem

Tiff Macklem

Dean, Rotman School of Management, University of Toronto

Tiff Macklem became dean of the Rotman School in July 2014. Since coming to Rotman, Tiff has also been appointed the chair of the board of the Global Risk Institute, chair of Ontario's Panel on Economic Growth and Prosperity, a director of Scotiabank, and a member of the Asian Business Leaders Advisory Board.

Prior to Rotman, Tiff served as senior deputy governor of the Bank of Canada, sharing responsibility with the governor and four deputy governors for monetary policy and for the Bank’s role in promoting financial stability. He was also the Bank's chief operating officer and a member of its board of directors, overseeing strategic planning and coordinating the Bank’s operations. Tiff served as associate deputy minister of the federal Department of Finance and Canada’s finance deputy at the G7 and G20, the IMF, and the Financial Stability Board. He also served as chair of the Standing Committee on Standards Implementation of the Financial Stability Board.

 Gerald T. McCaughey

Gerald T. McCaughey

Former President & CEO, CIBC

President and Chief Executive Officer and a member of CIBC’s Board of Directors, August 2005 - September 2014

President and Chief Operating Officer, CIBC, December 2004

Chairman and Chief Executive Officer, CIBC World Markets, the global investment banking arm of CIBC, February 2004

Vice-Chair, CIBC, December 2002

Senior Executive Vice-President, CIBC Wealth Management, 1999

President, Wood Gundy Private Client Investments, a division of CIBC Wood Gundy Securities Inc., 1994

Board of Directors, CD Howe Institute, 2013 - 2014

St. Michael’s Hospital Foundation Cabinet, 2012 – 2014

Chair, United Way of Toronto Campaign, 2012

Campaign Co-Chair, National Theatre School of Canada, 2010 – 2014

Toronto Financial Services Alliance Leadership Council, 2009 – 2014

Chair, The Learning Partnership’s Corporate Advisory Board, 2007 – 2014

Member, US Council on Foreign Relations, 2007 – 2014

Chair, Advisory Board for the Canada Institute of the Woodrow Wilson Center, 2007- 2012

Canadian Council of Chief Executives, 2005 – 2014  

Member, United Way Major Individual Giving Cabinet from 2003 – 2011

Board of Directors, Frontier College, 2002 – 2010

Chair, Endowment Campaign, Frontier College, 2002-2005

Member, United Way Campaign Cabinet, 2001-2002

Named one of the 50 most influential leaders in the world by Bloomberg Markets Magazine for 2012.

 Mary Frances Monroe

Mary Frances Monroe

Senior Advisor, Treliant Risk Advisors

Mary Frances Monroe, Senior Advisor with Treliant Risk Advisors, has over 30 years of experience in the financial services sector, including banking, (re)insurance, securities, and alternative investment vehicles. She has experience both as a regulator and in private industry and in markets in the U.S., the EU, and offshore financial centers.  Mary Frances spearheaded AIG’s international regulatory efforts prior to assuming the position of Senior Advisor at Treliant in 2014.

Mary Frances’s regulatory experience has involved extensive international involvement and membership on key committees and working groups including the Basel Committee on Banking Supervision, the International Association of Insurance Supervisors (IAIS) and the Joint Forum of banking, insurance, and securities supervisors.  She served as Chair of the Macroprudential Policy and Surveillance Subcommittee of the IAIS and actively participated in the IAIS Financial Stability Committee responsible for the designation of systemically important global insurers.  As Director of Policy, Research and Risk at the Bermuda Monetary Authority, Mary Frances was responsible for the development of a legislative regime to secure equivalence with the European Union’s Solvency II and led Bermuda’s efforts to meet the requirements of the EU’s Alternative Investment Fund Managers Directive as well as being more broadly responsible for the Authority’s relationship with the European Commission and the standard setting bodies of the European Union.

Prior to her work at the Bermuda Monetary Authority, Mary Frances was Vice President for Regulatory Policy at the American Bankers Association.  She was on the staff of the Board of Governors of the Federal Reserve System for 15 years until 2009, assuming responsibilities in the areas of policy, supervision and enforcement. 

Mary Frances has advised clients on a wide range of regulatory compliance and transactional matters, including IPOs, mergers and acquisitions, corporate restructurings, capital planning, and recovery and resolution planning.  She is particularly adept at designing strategic solutions for complex organizations in multiple lines of business and operating in diverse jurisdictions.

Mary Frances holds a Bachelor of Arts degree in Economics from the University of Notre Dame, a Juris Doctor degree from Georgetown University Law Center, and a Master of Business Administration (Finance Concentration) from George Washington University.

 Richard Nesbitt

Richard Nesbitt

President and CEO Global Risk Institute

Richard is the President and CEO of Global Risk Institute and an Adjunct Professor at the Rotman School of Management of the University of Toronto.

Richard was previously Chief Operating Officer, Canadian Imperial Bank of Commerce until his retirement in September 2014 where he was responsible for the global operations of Wholesale Banking, Technology, and Operations; Strategy and Corporate Development; CIBC’s International Operations; and Treasury. From 2004 to 2008 Richard was Chief Executive Officer of TSX Group, a public company listed on the Toronto Stock Exchange, having joined TSX as President of TSX Markets in 2001. He was responsible for the consolidation of the various local exchanges across Canada into what is today known as the TMX Group. Previously, Richard served as President and Chief Operating Officer of BayStreetDirect Inc., an Internet-based investment dealer. Before that, he was President and Chief Executive Officer of HSBC Securities Canada for three years, after having worked for ten years at CIBC Wood Gundy. He has also worked with Mobil Oil Canada Ltd., for five years and spent two years as a Lecturer at the University of Western Ontario, Richard Ivey School of Business.

 Shawn Rose

Shawn Rose

Executive Vice President, Digital Banking, Scotiabank

As Executive Vice President, Digital Banking, Shawn Rose is responsible for building an enterprise-wide digital banking team to execute on the Bank’s digital transformation. He was appointed to this position in June 2016.

Shawn leads a new team that brings together the digital functions across the Bank to drive the innovation agenda and build out Scotiabank’s digital sales and marketing capabilities to deliver the best customer experience and operational efficiency in our markets.

Shawn has more than 20 years of experience in digital transformation and product management in globally complex and FinTech organizations. Prior to joining Scotiabank, he served as Group Chief Product Officer at Moneysupermarket (MSM) Group PLC, a British price comparison service specializing in financial services, and previously as a Chief Technology Officer and Vice President of Core Platforms at Pearson PLC, the largest education company and book publisher in the world. He also held senior roles at Ustream, FOX Broadcasting and CBS Interactive, served as an advisor at, and as a technical product lead and manager at AltaVista, AOL and Yahoo! Inc.

A graduate of the University of Missouri-Columbia with a Bachelor in Psychology, Shawn is a passionate advocate for STEM education as a tool for equality and is an active fundraiser for the Palo Alto Unified School District.

Shawn and his wife, Christine, have two children.

Andrew Stuart

Andrew Stuart

Senior Vice President, Treasury

Andrew Stuart is a Senior Vice President in the Treasury Department, responsible for Liquidity and Funding globally. Andrew monitors and manages the liquidity position of the bank, directs the related wholesale funding activities, and oversees the cash management function.

Prior to joining Treasury in 2011, Mr. Stuart was a Managing Director at CIBC World Markets Inc. and was responsible for the Securitization function that focused on Conduit and Term asset-backed solutions for clients.  Before joining CIBC, Mr. Stuart spent 5 years at Ernst & Young in the financial institutions audit practice.

Mr. Stuart holds a Commerce degree from Queen’s University.

 Brenda Trenowden

Brenda Trenowden CFA

Global Chair of the 30% Club and Head of FIG Europe, ANZ Bank

Brenda has more than 25 years of experience in capital markets, investment and relationship banking, with sector expertise in financial institutions. She is also a strong advocate for women’s economic empowerment and has been recognised with several awards for her global campaigning for greater gender balance across organisations as a voluntary, business-led imperative. In 2015 Brenda took over from Helena Morrissey as Global Chair of the 30% Club, where she works closely with leading Chairs and CEOs around the world to increase the representation of women in senior roles and throughout organisations. She is also an advisor to UK Government’s Hampton-Alexander Review for increasing the representation of women in the executive level of the FTSE 350.

Canadian by birth, Brenda has an honours Bachelor of Commerce degree from Queen’s University and has a Chartered Financial Analyst designation. She has lived and worked in a number of different countries in Asia, Europe and North America for some of the world’s largest banks including Citi, BNP Paribas, Lloyds Banking Group and BNY Mellon. Brenda now leads the Financial Institutions Group in Europe for ANZ Bank, is a member of the UK Management Board and an Executive Director of ANZ’s UK Bank subsidiary, ANZ Bank (Europe) Ltd as well as all of ANZ’s other UK subsidiaries. Brenda is also a Companion of the Chartered Management Institute (CMI) and a Freeman of the Worshipful Company of International Bankers.

Mark Vandenbosch

Mark Vandenbosch

Acting Dean of Ivey Business School

Mark Vandenbosch is Acting Dean at the Ivey Business School. He is also a Professor of Marketing and the Kraft Professor in Marketing. Mark earned his HBA from Ivey and his PhD from the University of British Columbia. He has held visiting professorships at IMD in Switzerland and INSEAD in France.

Mark’s 26 years of institutional knowledge and leadership experience as Associate Dean, Programs, Program Director, and faculty member mean he is exceptionally qualified to lead Ivey. As Associate Dean, Programs, since 2012, Mark has had first-hand insight into the operational and strategic direction of the School. His background and experience will enable him to keep strategic initiatives moving forward in a time of disruption in the higher education space.

His research interests centre around competitive strategy, product management and marketing research and his work has appeared in many highly-respected journals. He has written numerous cases on issues concerned with competitive analysis, strategy market planning, advanced technology marketing and business-to-business marketing.

He has also acted as a consultant in marketing research and marketing strategy to a number of leading companies, including Hewlett Packard, Medtronic, Allied Signal and Nestlé, and taught in-company programs to many more, including Tetra Pak, Cisco Systems, Syngenta, 3M, IBM, Allianz, Pirelli, ABB and National Semiconductor.

 Gregory P. Wilson

Gregory P. Wilson

President and CEO, Greg Wilson Consulting

Greg has provided distinctive consulting services throughout his more than 30-year professional career in financial services policy and regulation. For the past three years, his primary client focus has been on the financial crisis and regulatory reform efforts, primarily in the United States, but also internationally following G20 developments.

In the private sector, he has helped foreign and domestic banks manage their U.S. financial regulatory and governance risk, assisted nonbanks entering the U.S. market through de novo banks, advised CEOs on how to manage a financial crisis, and advised leaders of financial services trade associations on critical strategy, public policy, regulatory, and organizational issues. He was co-director of The Financial Services Roundtable’s Blue Ribbon Commission on Financial Competitiveness in 2007, and continues to serve as an external adviser to the Roundtable.

During more than 20 years at McKinsey, Greg also has served numerous public sector clients around the world, including central bankers, ministers of finance, and financial regulators on issues of financial crisis management, regulatory reform, financial sector restructuring, and financial center competitiveness. In the past decade, Greg has worked in more than 25 countries in the developed world and emerging markets. Greg currently is the author of the book, Managing to the New Regulatory Reality – Doing Business After the Dodd-Frank Act (John Wiley & Sons, 2011).

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