The big banks may have more time than they think before their “Uber moment” arrives based on this year’s Digital Money Trends Report, which found that Canadians are still wary of fintech, even as they increasingly search for information about financial products online.
The second annual report released by online financial comparison site RateHub.ca found that Canadians to not place a high level of trust in fintech companies yet, especially compared to their counterparts in the U.S., as there are fewer players here and less awareness. In addition, fintechs in Canada are newer and Canadians tend to have entrenched loyalty to the Big Five banks, unlike the fragmented financial services south of the border.