5
2.3 Improved Competition
In order to survive in foreign jurisdictions, Canadian firms must constantly ensure that their business
practices are best-in-class. In fact, Canadian financial services firms are highly innovative. According to
Statistics Canada's Survey of Innovation and Business Strategy, 73.6 percent of financial services firms
reported the adoption of new practices or products.
9
Such innovation includes the adoption of new
practices, the optimization of operations, the development of innovative products and services, and
improved efficiency throughout the financial supply chain. In other words, exposure to new markets
allows Canadian companies to maximize their competitive advantage and to expand their global supply
chains. These innovations are in turn shared with their Canadian operations thereby increasing their
competitive advantage domestically.
10
For example, Manulife's Vitality program is now available to
Canadian clients after a successful launch in the U.S. market. This innovative program promotes healthy
living by rewarding participants for active lifestyles, may reduce costs to insurers by lowering claims and
reduces the health care burden to society.
9
Burt, Michael. An Engine for Growth: 2015 Report Card on Canada's and Toronto's Financial Services Sector. The Conference Board of Canada.
2015.Pg. 33
10
Hodgson, Glen; Paris, Roland. "The Benefits of Foreign Direct Investment: How Investment in Both Directions Drives Our Economy."
Conference Board of Canada. March 2006.
