McKinsey & Company’s report identifies Canada’s finance sector as prime for fintech disruption. In 2023, banking revenue represented 8% of GDP, substantially higher than in the U.S. The concentrated market is seen as ripe for innovation.
Despite high technology adoption rates, fintech usage in Canada remains low at 13%, starkly lower than in the UK and USA. The report advocates enhancing bank-fintech partnerships, boosting venture capital, and targeting the growing immigrant population to increase fintech adoption. These steps could unlock significant growth.
Want to know more? Check out the source code on Fintech.ca.