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Description

Description

“Trust is a major barrier for Fintech companies to overcome even if Open Banking becomes a reality in Canada as consumers are much more likely to trust established financial institutions.”
– Sanjay Sharma, Senior Financial Services Analyst

This report looks at the following areas:

  • One in four Canadians have used fingerprint access
  • Money-saving tools of most interest
  • Chatbots and texts still not resonating with most customers

What's included

What's included

Table of contents

Table of contents

  1. Overview

      • Regional classifications
        • Income
        • Executive Summary

            • The issues
              • One in four Canadians have used fingerprint access
                • Figure 1: Usage of and interest in financial tools, August 2019
              • Money-saving tools of most interest
                • Figure 2: Interest in Fintech banking features, August 2019
              • Chatbots and texts still not resonating with most customers
                • Figure 3: Fintech-related attitudes (% agree), August 2019
              • The opportunities
                • Offering more features that can help improve financial lives
                  • Branches are not going away soon
                    • Figure 4: General attitudes towards financial services, August 2019
                  • Simplifying the user experience
                    • Figure 5: Satisfaction with financial tools, August 2019
                  • Majority of women users of robo-advisory services are unsatisfied
                    • Figure 6: Satisfaction with financial tools (select), by gender, August 2019
                  • What it means
                  • The Market – What You Need to Know

                    • Application programming interfaces
                      • Impact of artificial intelligence
                        • Competition Bureau study identifies barriers to Canadian Fintech
                          • CSA Regulatory Sandbox 
                            • New tools helping older adults and their caregivers
                              • Canada has more seniors than children
                              • Market Factors

                                • Application Programming Interfaces
                                  • Impact of artificial intelligence
                                    • Time-pressed Canadians may be looking for tools to make their financial lives easier
                                      • Canada has more seniors than children
                                        • Figure 7: Population aged 0-14 and 65+, as of July 1, 1995-2035*
                                    • Market Perspective

                                      • Competition Bureau study identifies barriers to Canadian Fintech
                                        • Retail payments and the retail payments system
                                          • Lending and equity crowdfunding
                                            • Investment dealing and advice
                                              • Global reactions to Fintech innovation
                                                • Recommendations for regulators and policymakers
                                                  • CSA Regulatory Sandbox 
                                                    • Eligibility
                                                      • Process
                                                        • Sandbox principles
                                                          • Monitoring
                                                          • What’s New?

                                                            • New tools helping older adults and their caregivers
                                                              • SilverBills
                                                                • EverSafe
                                                                  • Silvernest
                                                                    • Ready, Set, Bank digital tutorials
                                                                      • Golden Financial Care
                                                                        • Other companies offering innovative services (US)
                                                                        • Key Players – What You Need to Know

                                                                          • Desjardins expands its voice services and Manulife Bank introduces a chatbot
                                                                            • Data breaches at Capital One, TransUnion, Desjardins
                                                                              • Facebook’s Libra in trouble as some partners abandon the project
                                                                                • PayBright announces partnership with Klarna
                                                                                  • Wealthsimple acquires SimpleTax, also partners with Grayhawk Investments
                                                                                    • Robo-advisor Planswell shuts down
                                                                                    • Industry Developments and Innovations

                                                                                      • Desjardins expands its voice services and Manulife Bank introduces a chatbot
                                                                                        • Data breaches at Capital One, TransUnion, Desjardins
                                                                                          • 3iQ “the Bitcoin Fund” receives favourable ruling from OSC Panel
                                                                                            • Robo-advisor Planswell shuts down
                                                                                              • Facebook’s Libra in trouble as some partners abandon the project
                                                                                                • BMO is forming a new financial crimes unit
                                                                                                  • PayBright announces partnership with Klarna
                                                                                                    • BMO invests further in Ryerson tech hub partnership
                                                                                                      • Wealthsimple acquires SimpleTax, also partners with Grayhawk Investments
                                                                                                      • Marketing Campaigns

                                                                                                        • Manulife All-In Banking
                                                                                                            • Figure 8: How to bank for free and get Amazon Prime: Manulife All-In Banking Package, June 2019
                                                                                                          • EQ Bank is redefining what it means to have a bank account
                                                                                                            • Figure 9: Ask More of Your Account, September 2019
                                                                                                          • HSBC is the second bank to bring “Pepper” to Canada’s banking industry
                                                                                                          • The Consumer – What You Need to Know

                                                                                                            • One in four Canadians have used fingerprint access
                                                                                                              • Fintech gender gap persists in both usage and interest
                                                                                                                • Money-saving tools of most interest
                                                                                                                  • Chatbots and texts still not resonating with most customers
                                                                                                                    • Around one in four conduct most transactions on a mobile device
                                                                                                                      • Around half trust the financial services industry
                                                                                                                      • Usage of and Interest in Fintech Tools

                                                                                                                        • One in four Canadians have used fingerprint access
                                                                                                                          • Figure 10: Usage of and interest in financial tools, August 2019
                                                                                                                        • Age is a major determinant of usage
                                                                                                                            • Figure 11: Usage of financial tools, 18-44s vs over-45s, August 2019
                                                                                                                          • Addressing pain points can stir adoption among older
                                                                                                                            • Older non-users more interested in fingerprint access
                                                                                                                              • Figure 12: Interest in financial tools among non-users (select), 18-44s vs over-45s, August 2019
                                                                                                                            • Fintech gender gap persists in both usage and interest
                                                                                                                              • Figure 13: Usage of financial tools, by gender, August 2019
                                                                                                                              • Figure 14: Interest in financial tools among non-users, by gender, August 2019
                                                                                                                            • Asian Canadians have a higher usage
                                                                                                                              • Figure 15: Usage of financial tools, Asian Canadians vs overall, August 2019
                                                                                                                            • Urban residents have a higher usage
                                                                                                                              • Figure 16: Usage of financial tools, urban vs overall, August 2019
                                                                                                                            • Ontarians have a higher usage of some products
                                                                                                                              • Figure 17: Usage of financial tools, Ontario vs overall, August 2019
                                                                                                                          • Satisfaction with Fintech Tools

                                                                                                                            • Fingerprint access has the highest and robo-advisors the lowest satisfaction rates
                                                                                                                              • Figure 18: Satisfaction with financial tools, August 2019
                                                                                                                            • Simplifying the user experience
                                                                                                                              • Reasons driving Fintech satisfaction
                                                                                                                                • Majority of women users of robo-advisory services are unsatisfied
                                                                                                                                  • Figure 19: Satisfaction with financial tools (select), by gender, August 2019
                                                                                                                              • Banking Features

                                                                                                                                • Money-saving tools of most interest
                                                                                                                                  • Figure 20: Interest in Fintech banking features, August 2019
                                                                                                                                • Around half of 18-44s are looking for money-saving tools
                                                                                                                                  • Figure 21: Interest in Fintech banking features (select), 18-44s vs over-45s, August 2019
                                                                                                                                • Features that can help improve the financial lives of banking customers
                                                                                                                                  • Younger more interested in account sharing products…
                                                                                                                                    • …and financial concierge services
                                                                                                                                      • Mylo and financial rounding apps
                                                                                                                                        • Other round-up savings programs in Canada
                                                                                                                                          • Consumers want tools that help make their financial lives easier
                                                                                                                                            • Figure 22: TURF analysis – Fintech features, August 2019
                                                                                                                                            • Figure 23: Table – TURF analysis – Fintech features, August 2019
                                                                                                                                        • Impact of Technology on Financial Transactions

                                                                                                                                          • Around one in four conduct most transactions on a mobile device
                                                                                                                                              • Figure 24: Technology and banking behaviours (% agree), August 2019
                                                                                                                                            • Around a third of 18-44s use a financial services mobile app
                                                                                                                                              • Figure 25: Technology and banking behaviours (% agree), 18-44s and over-45s, August 2019
                                                                                                                                            • Parents of young children are more digitally engaged
                                                                                                                                              • Figure 26: Select technology and banking behaviours (% agree), parents vs non-parents, August 2019
                                                                                                                                            • Higher income earners more likely to use mobile apps and bank branches
                                                                                                                                              • Figure 27: Select technology and banking behaviours (% agree), by income, August 2019
                                                                                                                                            • Branches are not going away soon
                                                                                                                                              • Figure 28: General attitudes towards financial services, August 2019
                                                                                                                                            • Around half would like broader information incorporated into credit scores
                                                                                                                                              • Figure 29: General attitudes towards financial services (select), 18-44s vs over-45s, August 2019
                                                                                                                                            • Around half trust the financial services industry
                                                                                                                                              • Asian Canadians are more trusting
                                                                                                                                                • Figure 30: General attitudes towards financial services (select), Asian Canadians vs overall, August 2019
                                                                                                                                            • Attitudes towards Fintech

                                                                                                                                              • Chatbots and texts still not resonating with most customers
                                                                                                                                                • Figure 31: Fintech-related attitudes (% agree), August 2019
                                                                                                                                                • Figure 32: Fintech-related attitudes (% agree), 18-44s vs over-45s, August 2019
                                                                                                                                              • Most unaware of Open Banking
                                                                                                                                                • Figure 33: Select Fintech-related attitudes (% agree), by gender, August 2019
                                                                                                                                              • Only 1% of over-45s think robo-advisors are better than human
                                                                                                                                                • Providing a smooth digital onboarding experience
                                                                                                                                                • Future of Fintech

                                                                                                                                                  • Majority confident technology can change the industry for the better
                                                                                                                                                    • Figure 34: Attitudes towards Fintech, August 2019
                                                                                                                                                  • Security is more of a concern for older Canadians
                                                                                                                                                    • Younger Canadians and men have more confidence in technology
                                                                                                                                                      • Figure 35: Fintech attitudes (% any agree), 18-44s vs over-45s, August 2019
                                                                                                                                                    • Asian Canadians are more keen about Fintech…
                                                                                                                                                      • Figure 36: Select Fintech attitudes (% any agree), Asian Canadians vs overall, August 2019
                                                                                                                                                    • …while women are generally less enthusiastic
                                                                                                                                                      • Figure 37: Select Fintech attitudes (% any agree), by gender, August 2019
                                                                                                                                                    • The potential of wearables
                                                                                                                                                    • Appendix – Data Sources and Abbreviations

                                                                                                                                                      • Data sources
                                                                                                                                                        • Consumer survey data
                                                                                                                                                          • Consumer qualitative research
                                                                                                                                                            • Abbreviations and terms

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                                                                                                                                                            • Market

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                                                                                                                                                            • Consumer

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                                                                                                                                                            • Brand/Company

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