Tag: fintech

Fintech adoption in Canada doubles but still lags rest of world

Fintech adoption in Canada has doubled over the past two years but Canada still lags behind most of the world in adopting services from online financial providers.

Only 18 per cent of Canadian digitally active consumers have used two or more fintech services in the last six months, compared to 33 per cent globally, according to Ernst & Young LLP’s 2017 FinTech Adoption index.

Canadians haven’t used a fintech because they likely don’t know of any, according to the study. Twenty-two per cent of respondents reported they had not heard of any fintech. That remains however a significant improvement over two years ago when nearly one in two Canadians professed ignorance about fintechs.

But there are other reasons why Canadians have not taken to fintechs like elsewhere.

Early days for fintechs in Canada

It may be early days in Canada for fintechs, a catchphrase for new innovative financial technology start-ups and major technology companies that are challenging traditional financial institutions on their turf by offering cheaper and easier-to-use Internet or smartphone based services like payment apps or peer-to-peer lending or digital currencies, but Canada’s Big Six banks are paying heed even though they appear to be on solid ground.