After a positive preliminary project last summer, Royal Bank of Canada is impending a voice recognition software that will recognize customers who phone a bank’s call centre in a matter of moments. Passwords and security questions could become instinct as a financial tool to identify specific clients. The voice recognition software was created by tech from Nuance Communications. It will have the ability to identify voice characteristics such as the customers pitch, accent and numerous other features over the course of an everyday conversation.

Implementing this new technology would definitely speed up customer service as that is always an issue when attempting to access private information. This would surpass any security questions as well as avoid any spelling or grammar errors slowing down their process of banking. In addition, it would save money in the long run as there would be no need for phone receptionists increasing security for all clients. A voice is very close to impossible to duplicate a in comparison to answering questions and knowing passcodes. As Joanna Lohrenz, VP of customer experience and contact centres said, “It’s easy to pick up a piece of mail and look at someone’s confidential information, but you can’t steal a voice.” Perhaps the most important ability the new technology would enable RBC to create a smooth and relaxed banking process for clients with disabilities to type and operate computers.

Just like anything there is pro’s and con’s. What if the technology is down for a period of time? Will it be too time consuming to evaluate and recognize every clients voice? Will the vocabulary be to limited to give advice or the options clients need? These questions all raise concern for RBC but when making a strategic decision you compare the two. In this case I agree with implementing this as there is a lot of potential and the pro’s out weigh the con’s for not just RBC but the clients as well.

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Hudson’s Bay Company has laid off 265 employees, primarily throughout headquarters and other corporate function retailers. Majority of the lay offs happened in Toronto, New York and other places across North America. Due to this dismissing, HBC is expected to produce 75 million dollars in cost savings annually due to the restructuring after buying Saks Inc. The workers who have been let go are receiving a severance package and will be eligible for new positions and on going hiring before the external individuals.

I agree with the decision to direct new focus in the online division, and cut cost in other departments to save money for other on going projects. As majority of the population would/can shop online rather then going into a retail store. Online shopping allows you to avoid lines, customer to employee discussions and the time consumed with traveling. Since there has been an increase in online shopping, Hudson’s Bay Company is not willing to pour money into their retail departments. They are going to upgrade their online functions instead.

Another reason that may lead to this decision is that other competition is expanding making this market difficult for HBC to compete in. As other company’s such as Walmart and Nordstrom expanding in Canada, it cannot be blamed on the economic environment. Possibly it is just that Canadian retailers simply don’t innovate enough to keep department stores open. Zellers swiftly disappeared, Sears is announcing possible shutdown by 2017, is it inevitable that HBC will follow the same path? I don’t think so, as they offer more quality products and are expanding in the correct divisions. With the purchase Saks Inc., the company only has gotten stronger.

HBC is the oldest North American company and will be around for a long time. This decision to let 250 people go is not because there down sizing but simply to transfer and focus on other departments. The employees who were dismissed received severance pay and opportunities in other departments before HBC will hire externally. HBC is expanding its digital offerings for consumers rather then implementing more department stores. Hudson Bay Company is very successful and will retain that title as long as they continue to cut costs and proceed in the appropriate direction.

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Is this the end of your everyday farmer? The first commercial cubic barn has opened in Montreal. The facility is able to produce 25 different types of micro greens and three types of lettuce. By implementing this new technology, the company will save on scarce resources such as water, as well as time. “When you plant in the field, you’re using too much water. We use about 10 per cent of the water that you would normally use in the field,” Said Jackson. The company will also save money on labor costs.

What can this do for us as Canadian consumers? Well it could possibly lower costs of certain grocery’s in the future as we import the majority of our lettuce from California. Growing our own with out the use of labor would eliminate the tariffs, and fees from California allowing for the price to decrease. In addition, the sustainability of scarce resources will only create a better environment for us but more importantly future generations, possibly our offspring. No diesel-burning tractors, less shipping due to farm’s proximity, less land used, etc.

As time goes on it seems to be a “fad” to eat organic. By “vertical” farming all products will be organic by default. No herbicides, pesticides or fertilizers is needed to grow in such environment. As this will create and instant market for the company as well as aid the consumer for their specific demands. I believe in years to come this will be the norm as the positive to vertical farming is to important to pass up on as well as to profitable for companies not to pursue.

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Potter Stewart once said “Ethics is knowing the difference between what you have a right to do and what is right to do.” Plenty of professionals practice in good ethics and respect this concept extremely well. But there seems to be an ignorance between proper business ethics and the financial world. Since the awaken from the global recession, many financial institutions have put aside their integrity and morals to “rebound” from there devastating losses.

As we know the financial industry is a “shark eat, shark world”, but that does not give companies the right to abandon their beliefs to maximize their own profit margins. Most unethical behavior that takes place in the business world goes unpunished because of legal irrelevance. That still does not give the right to commit illegal activities such as bribery, insider trading, discrimination, etc. When being involved in immoral behavior the consequences out weigh the benefits for your company and not to mention your self. Immoral behavior may harm your company in sales of goods, (customers may choose to boycott goods produced based on your actions) or it could lead to a drop in stock prices (investors will be unwilling to buy shares from companies known to practice in a dishonest manner). But none of the less, the human conscience has a strong effect on your psychological and physical stability.

After a study that was done by The University of Notre Dame and the law firm Labaton Sucharow LLP, countries are starting to require the financial sharks to take on oath pledging integrity. This demonstrates a customer-first attitude. Customers are more likely to trust a company who publicizes the practice of good ethics. Not only will this help business but it will create an open and fair financial world. Rebuilding this reputation will not only take time but it will command a new mind set. Conclusively, it will come down to the decisions of members in the financial services developing the mindset of reaching their goals without crossing any legal or moral boundaries.

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