Financial technology is a global enterprise, but one in which Canada stands out for its pursuit of innovation. Just how and where are Canadians pushing the envelope in Fintech?
The Canadian Competition Bureau recently compiled a fascinating list of Canada’s contributions to the transformation of financial technologies. Covering such topics as the deployment of regulation, the development of collaborative policies, and democratizing access to tools and services, the report is required reading for anyone interested in the longer term development of Canadian fintech.
The global rate of adoption of fintech services within the banking public circa 2016 was around 15%, while in Canada the same rate hovered at around 8%, compared to the 76% of Canadians who own smartphones or other digital devices that are rapidly becoming the mobile hubs for consumer finance transactions from bill payments to contactless purchases to investment management. What accounts for this difference, and how are Canadian firms working to catch up to the rest of the world?
In addition to modernizing and improving adoption, the report takes on such challenging subjects as anti-money-laundering technology, counter-terrorism, and data security – questions which have become day to day elements of the financial conversation for many Canadians who are uncertain about the transition to a big-data-mediated world of finance. This landmark study may shape the future of financial technology in Canada based on its evaluation of key calls to action for the industry. Can fintech “radically improve” the way Canadians pay, save, borrow and invest?
The full report, and its companion Market Study Report, can be found here.
Once you’ve taken a look, we’d love to hear what you think!