Financial technology (Fintech) is used to describe technology that seeks to improve and automate the delivery and use of financial services. Powered by advances in smartphone technology, artificial intelligence and blockchain, there has been a proliferation of new Fintech products and services right from mobile banking advancements to robo-advisors.
Fintech is an enabler of innovation but the challenge for providers lies in convincing customers to adopt new innovations, while ensuring that no one is left behind. Many customers see no reason to change the way they bank and prefer the human connection offered by branches. They are also wary of the security implications of an initiative that relies on people sharing their personal and financial data. Providers need to develop a way of serving customers at either end of the spectrum with regards to interest in innovations.
Canadian financial institutions have embraced innovative technologies and have collaborated with Fintech firms and/or set up “in-house” digital labs to improve efficiencies and product offerings. Canada is home to one of the largest international financial hubs and has some of the world’s top technological talent, making it a great environment for Fintech to flourish.
This Report covers consumer attitudes and behaviour related to Fintech. It explores usage of Fintech tools, interest in Fintech features and products, barriers to Fintech adoption, the impact of Fintech on financial transaction, attitudes towards Fintech and digital behaviours.
