Our Financial Services team explains how the COVID-19 pandemic has accelerated three key trends that are increasing the adoption of FinTech in Canada.
directors are looking beyond COVID-19, and seeing innovation and a path to recovery
- Top challenges directors report facing their organizations include maintaining the health and safety of employees, continuing costs with falling revenue, cashflow shortfall, maintaining operations, and loss of donations.
- Three-quarters of directors (74%) say their boards already had a crisis response plan in place prior to the COVID-19 pandemic; and almost all of those who say their boards had a plan think that it’s been effective.
- Nearly two-thirds (63%) think they’ll benefit from the federal and provincial aid packages, with two in ten (18%) expecting to receive assistance.
- Compared to the recovery of their own organizations, a majority of directors think the Canadian economy will take a longer time (more than a year) to recover once this crisis has passed.
- One-third of directors (34%) think Canada is in a better position to recover quickly compared to other OECD countries, while two-fifths (40%) think it is neither in a better nor in a worse position in this regard.
- Overall, a majority of Canadian directors express concern about the impact of COVID-19 on the Canadian economy.
About the Study
The ICD’s Director Lens survey focuses on key political, social and economic issues impacting our organizations and our country. These surveys inform government decision-makers, and help shape policy conversations in the media and elsewhere.
This survey was conducted by Environics Research with 683 ICD members between April 8 and 24, 2020. A sample of this size produces results that can be considered accurate to within +/3.6 percentage points, 19 times out of 20.