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On Innovation

by W.H. (Bill) Loewen

We are regularly reminded of the importance of innovation. Governments often spend large sums encouraging innovation and on so-called centres of innovation. In some cases, it is necessary to add fuel, but that may not be the source of true innovation. It is more a case of solving a known problem than inventing something that did not previously exist.

Probably the most important innovation ever has turned out to be the telephone. It’s invention by Alexander Graham Bell was the direct result of the fact that both his mother and wife were deaf.  He was interested in discovering how the ear worked.  Once he could see that, he determined that he was able to translate that process into building a replica. And that became the telephone.

As a young man, I was fortunate to choose a career where innovation was not yet at its forefront so simple changes could have significant impact.  Today, great changes are still possible throughout the financial industry. Our government is trying hard to move us forward to implement changes that we at Telpay have been advocating for years if not decades – safer, faster and even instantaneous fund transfers for our customers.

In the coming months, I will be discussing these various changes.  For over seven years, Telpay has been a participant of FinPay – the Advisory Board to the Federal Department of Finance tasked with modernizing Canada’s payment system. 

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“On Innovation” is a corporate blog by W. H. (Bill) Loewen, President of Telpay exploring the impact of current innovations in the financial services industry and reflections from his past 50 years of business experience.  In his spare time, Bill likes to spend time with family and friends, play bridge, dabble with woodworking and is a passionate classical music lover.