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Battle with fintech could be bruising for big banks

Fintech is alive and well all over the world doing its better to disrupt existing financial relationships by using technology. In Canada, fintech has been less of a factor, in part because the local banks emerged in better shape after the global financial trouble and because banks have a higher level of satisfaction with their customers compared to other markets.

Those, the bottom line is, were the key suggests emerge from a current report made by analysts at Canaccord Genuity, which, because of where it operates could bring a global perspective to fintech. With offices in Canada, U.S., the U.K. and Australia, Canaccord was in a favourable position to discuss new entrants to everything about emerging financial technology – and also the results that have been achieved.

“The U.K. have seen probably the most disruption given a higher proportion of GDP associated with the industry, growing government support for financial technology and higher customer dissatisfaction with incumbents,” said the 34-page are convinced that drew around the input of eleven from the firm’s analysts.

The report added that the U.S. market – due to entities for example PayPal and Apple C is “highly disrupted” while the Canadian and Australian markets, fintech has already established a “relatively low impact as yet and would prosper to see the U.K. market.”

One way of measuring those regional differences: Research by Ernst & Young, established that while 15.5 per cent of “digitally active consumers” had used at least two fintech products over the previous six months, the comparable figure for Hong Kong and Canada was 29 percent and eight percent respectively.

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