Canada has several major banks and many schedule II banks – but with rates and plans all over the map, it’s difficult to know where to bring your business. Our aim is to help you navigate Canada’s banking options to discover which one suits your needs best.
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The 16 best credit cards in Canada for August 2023
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Big banks respond to fintech challenge by cutting fees and offering new options
– canadianbusiness.com
OTTAWA – Technology firms have turned several industries on their head. The way people buy books, hail a ride home from the bar or find a room for the night while on vacation have all changed.
And now financial technology or fintech firms are turning their sights on the banking industry, but Canada’s big banks aren’t going to give up their dominant position without a fight.
Joanna Rotenberg, head of personal wealth management at BMO Financial Group, says the needs of customers are shifting and clients are seeking out digital tools to access and manage their money.
In response, earlier this year the Bank of Montreal launched its SmartFolio investment service, which offers a professionally managed portfolio online for a low fee.
“It’s for clients who want support from human professionals,” Rotenberg said. “It’s not a robot behind the scenes, but people who want to be able to access that digitally versus needing the hand-holding and face-to-face support…
And now financial technology or fintech firms are turning their sights on the banking industry, but Canada’s big banks aren’t going to give up their dominant position without a fight.
Joanna Rotenberg, head of personal wealth management at BMO Financial Group, says the needs of customers are shifting and clients are seeking out digital tools to access and manage their money.
In response, earlier this year the Bank of Montreal launched its SmartFolio investment service, which offers a professionally managed portfolio online for a low fee.
“It’s for clients who want support from human professionals,” Rotenberg said. “It’s not a robot behind the scenes, but people who want to be able to access that digitally versus needing the hand-holding and face-to-face support…
