Innovations in Banking - Canada - February 2020
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The majority of Canadians believe that technology can change the financial services industry for the better. The last 50 years have seen plenty of evidence of this as service delivery and ease of transactions have improved exponentially right from the advent of ATMs to online/mobile banking and more recently, Blockchain and artificial intelligence, which has fuelled the rise of cryptocurrencies, chatbots, robo-advisors, etc. Technology has also improved security although data breaches and hackers have occasionally spoiled the party. We are still in the early stages of innovation in banking and there is plenty of scope for technology to impact product innovation and further improve accessibility, security and financial inclusion for all.
“As innovation advances, concerns around security persist. Although these concerns will not hinder the pace of innovation, this might slow adoption levels of new features among older consumers.”
– Sanjay Sharma, Senior Financial Services Analyst
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