This week, we are announcing the release of EVP’s latest report on FinTech in Canada. Titled Banking on Change: How the FinTech Ecosystem is Challenging Traditional Financial Institutions in Canada, readers will learn about the latest trends in the industry, what traditional banks will need to do to adapt to this disruption, and how Canadians are adopting the technology.
If you are interested in learning about the complete findings of the study, click the link below to get a copy of the free report. An excerpt of the report can be found beneath the download link.
In the past, the Canadian financial service landscape was moulded by incumbent competitors on an even playing field. Horizontal competition with little differentiation was the only threat large banking institutions had to retain market share, creating a stagnant banking industry with little innovation since the introduction of ATMs and electronic payment systems.
The emergence of FinTech after the 2008 financial crisis is redefining the competitive landscape and challenging the notion of what a traditional bank is. In this new environment customer expectations have heightened as they become accustomed to the real-time interactions they experience when using their mobile phones. This has created an opportunity for startups and a gap for banks to address as both players move quickly to address this new “FinTech” segment. To better understand the landscape, Extreme Venture Partners surveyed 400 Canadians to gauge the adoption, drivers, and barriers that impact this industry.