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ARTICLE · 22 OCTOBER 2020

As The Pandemic Accelerates Digital Transformation, Competition Risk Mounts For Financial Services

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The technological transformation that has been disrupting financial services has only been accelerated by the challenges mounted by the COVID-19 crisis.

CanadaFinance and Banking
Dany Assaf
Dany Assaf
Rebecca (Moskowitz) Wagner
Rebecca (Moskowitz) Wagner
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The technological transformation that has been disrupting financial services has only been accelerated by the challenges mounted by the COVID-19 crisis.

Financial institutions have needed to adapt internal and external processes rapidly in order to maintain and enhance online services during the pandemic, as well as respect public fears of the virus spreading through cash transactions.

Pre-crisis, the industry was also seeing competition intensify with, among other things, large digital payment solution platforms such as Apple Pay and Samsung-along with many smaller competitors with niche offerings ranging from independent online trading platforms to digital loans and financing providers-having entered and expanded in the market. This is all set against the larger industry backdrop of generational Payments Canada modernization plans which include the Real-Time Rail and Lynx initiatives.

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