Turning Canada Post into Canada’s Next Bank

Last week, the Canadian Union of Postal Workers (CUPW) publicly launched its campaign to have Canada Post pursue banking services as a future area of business. The proposal to expand Canada Post into financial services is an important opportunity to innovate by providing quality financial services for Canadians while ensuring the crown corporation’s financial success over the long term.

Regrettably, Canada Post has so far been unwilling to seriously consider this proposal, instead entertaining proposals to adapt to a reduction in mail volume by cutting back service and moving to alternate-day delivery. Equally remarkably, the Conference Board of Canada’s recent report into the future of the postal service in Canada also dismissed financial services as a worthy option for Canada Post by claiming that “Canada has a highly developed financial services sector,” thereby negating the need for a postal bank.

via Turning Canada Post into Canada’s Next Bank | Larry Rousseau.