The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: Congratulations getting that Investor Day done. I have a series of questions if we have the time for them. I'll start off with the assumptions around
the medium-term targets, specifically the ROE. Can you let us know what capital ratio you're anticipating given that 10%-plus ROE by 2024?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: I got two questions. One strategic. I mean the message I'm getting, especially on the personal banking side is your growth strategies are underpinned
largely by making it easier to do business with Laurentian, hastening the turnaround times and all that. I hate to use the low-hanging fruit analogy.
But is this stuff kind of easy to do? I mean, it's a matter of doing it, but because some aspects of the bank were neglected for so long that say, hey,
that's an obvious thing we should be doing. It's fairly easy to do. It might take some time, and that increases your confidence in your growth targets?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: [Indiscernible]
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: And I do like the scorecards. But just not for my self. My other question, something like cock in the eye on the U.S. equipment finance. And if I
understand this correctly, it looks like right now, you're doing primarily to manufacturer and dealer financing, but you're looking to expand into
end consumer. What underwriting expertise do you have in that? Or is this something you have to develop? It's a higher risk category, clearly. So
how are you approaching that from a (inaudible)?
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: So that's a (inaudible).
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: We used to do that years ago when (inaudible).
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: I do not.
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: Okay. Thank you. I probably have more than one question. I'm pre-warning you, right. So I just wanted to go to Karine maybe. I think you've
mentioned 460,000 customers. What -- how many customers did you have, let's say, relative to that number three or four years ago?
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: But Karine, just to be a little bit of a jerk about it, is the digital app intended to acquire new customers or just retain the ones that you have? And
if you can't retain the customers, why would I have confidence that you could actually cross-sell them?
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: Okay. So you have the national kind of ambition across all 3 business segments. Is that correct?
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: And you've mentioned, I think, several times that half the customers only have one product. What product would that be? Is there like a key product?
Is this just a mortgage product that then you're trying to cross-sell deposits in cards with or -- what's the mix?
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: Just to be clear then, you -- is the primary product you're hoping to cross-sell is cards, credit [cards]. Is that correct? Is that fair to say?
Question: Sohrab Movahedi - BMO Capital Markets Equity Research - Analyst
: No.
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: I do have. and I apologize if this has been covered already, but I'm a bit of a credit card junky and your emphasis on that business, I found interesting.
You did mention partnerships and want -- to enhance the [UPL], I guess, I'm wondering is the partnership both on the rewards side and the
underwriting side. It sounded like for instant app adjudication or whatever, that's a new feature for you. So I'm wondering if that's something you're
doing internally or outsourced.
Question: Gabriel Dechaine - National Bank Financial, Inc., Research Division - Analyst
: That's a negative.
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