Banks fear their customers are trying to reimagine their banking experiences. FinTechs like Wealthsimple, Nest Wealth, and ModernAdvisor are increasingly taking what banks do, and doing it better. These companies are developing accounts that are easy to open and cheaper by using ETF's. Banks are now noticing the disruption to their line of business and focusing on what matters - the customer. In response to FinTechs, the big banks are lowering their fees and making it easier to open accounts and manage funds online. Bank of Montreal (BMO) launched a SmartFolio investment service which offers customers a professionally managed portfolio online for a low price. TD Bank has launched a real-time money management app to track spending habits from eligible TD accounts. Royal Bank of Canada (RBC) has launched a new version of its RBC Mobile and RBC Wallet apps as well as continuing to revamp its online site. If you're looking for insight into the Fintech ecosystem including validating whether or not there are opportunities or threats for your line of business (banks or fintech), get in touch!
Join in on the conversation with Aqsa Zubair when you subscribe to Future of Financial Services.