financial services cluster
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TorontoFinancial Services Cluster
Done by Claudia Carvajal
A cluster is a concentration of companies and industries in the same geographic region which are interconnected in different levels such as:
Markets servedProducts producedSuppliersTrade associationsEducational institutions
What is a cluster?
Strong Skill base
Innovation and R & D capacity
Presence of networks and partnerships
Clusters’ key success factors
IncubatorConvergence CentreAcceleratorInnovation CentreCentre of Excellence
Cluster structures
GTA Financial Services Cluster
Banks
Insurance Companies
Securities Services
Investment Funds
Risk Capital Providers
Computer & Communication Service
Providers
Information Providers
Outsourced Services
Research Organizations
Toronto has a concentration of 1,700 financial services firms.
3rd largest financial centre in North America
The financial services sector employs approximately 130,000 workers
GTA Financial Services Cluster
New York: Ranks # 1London: Ranks # 2
Emerging clustersDubaiHong Kong
Competing Clusters
Employs nearly 515,000 workers in New York
The insurance region has the largest share of regional financial services employment
This cluster is comprised on four major sub-clusters:
-Banking and Credit Activities -Securities and Investment Activities -Insurance -Funds
NY Financial Services Cluster
London is Europe’s financial capital
Approximately 2,000 headquartered companies listed on the London markets
London is the leader of foreign direct investment
Helps with the development of other clusters such as advertising, legal services, and accounting
London Financial Services Cluster
Centennial College: first institution to offer Islamic Finance
CIBC: first bank in Canada to offer mobile banking
CFSI Innovators Roundtable (March 10, 2010)
Mobile Financial Services Summit (Singapore)
GTA News and Events
Banks will upgrade their ATMs’ operating systems to Microsoft
Codes on Credit Cards to avoid fraud
Remote-Deposit Capture
Cluster Innovations
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