Prepared for nigel | Delivered October 23, 2019
Future Consumer Trends in Banking - Canada
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To understand how Canadians like to bank and what the trends in banking may be in the next two years.
STACK launched in July 2018 with the goal of disrupting Canadian banking and giving consumers more control. The company offers fee-free services and unique rewards to members. In November 2018, the company introduced Canada's first vertical credit card.
Infiniti Research published a whitepaper on trends in the Canadian financial services industry that can be
accessed for free
by providing contact information.
According to Infiniti,
three major trends
in the financial industry are open banking, conversational engagement, and cloud technology.
The federal government of Canada announced that it would be exploring the merits of
. Open banking is when consumers can authorize private banking institutions to make their data available to third parties. It is expected that open banking will be coming to Canada and will impact consumers.
A late 2018 survey of 1,000 Canadians found that only
of respondents expected their bank to offer open banking, and only
would use their bank more if they did offer the service.
of financial services providers in Canada have implemented open banking into their strategic plans.
Financial institutions need to fully adopt
to meet consumers desire to have information immediately available. An example is
launching their All-In Banking Package which is powered by Kasisto's KAI technology.
Five current chatbots
for the financial industry are
Assist, Finn AI,
, and Trim.
Adoption of cloud technology in banking is