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The Canadian banking system is known worldwide for its strength and stability, but even so, it’s being increasingly transformed by neobanks. So, how exactly are these new, “non-bank” players disrupting the banking system? And what does that mean for Canadians?
What is a neobank? What is a challenger bank?
Neobanks and challenger banks are similar to the big banks, but they’re different in size and location. A challenger bank is a smaller financial institution, and many of its benefits lie in just that. Challenger banks may or may not have brick-and-mortar locations, so their fees can be low and all of their services are available online or in-app. Neobanks only offer services online or in-app, and their fees are considered low in comparison to the big banks…
What is a financial app?
A financial app is a downloadable program that lets you manage your finances from your smartphone. There are a wide range of digital downloads available to Canadians in the personal finance category. In fact, financial apps are one of the most popular app categories in both the Apple App Store and Google Play Store, the two biggest app directories.
Your bank has an app
All the major banks in Canada have official apps; indeed, the BMO financial app as well as those from TD, RBC, CIBC and Scotiabank often rank among the country’s top-20 free financial apps. Banking apps make it easy to check your account balances, send electronic money transfers and deposit paper cheques via your phone’s camera…