A survey from global professional services firm EY has found that usage of FinTech in Canada has increased by 10 percentage points since 2015, but that still only brings it to 18% (based on using at least 2 or more FinTech services in the past 6 months).
That is almost half the average adoption rate globally (33%) although EY expects the rate to rise in Canada to 34% as services become better known, especially as existing lenders team up with tech firms.
"Because of the strength of the banking sector in Canada, we're seeing a lot of partnerships between banks and FinTechs," adds Stokes. "Banks are looking for faster and easier ways to boost their digital capabilities, both on the consumer side and in the back office. At the same time, Canada's FinTechs need access to more customers and resources to improve their offerings."
However, besides not having heard of any FinTech services (22%), the second largest reason for not using them is that consumers prefer using traditional services.
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Canadian consumers appear to be some way from using FinTech to arrange and manage their mortgages or other financial transactions.