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ARTICLE · 16 NOVEMBER 2021

Chapter 2: Accelerated Innovation Of Canada's Financial Institutions

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Well before the COVID-19 crisis, Canadian banks were on the path to digitization, automation and virtualization, but these efforts were accelerated significantly as a result of the pandemic.

CanadaFinance and Banking
Blair Keefe
Blair Keefe
(Ricco) A.S. Bhasin
(Ricco) A.S. Bhasin
Brigitte Goulard
Brigitte Goulard
Molly Reynolds
Molly Reynolds
Ronak Shah
Ronak Shah
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Well before the COVID-19 crisis, Canadian banks were on the path to digitization, automation and virtualization, but these efforts were accelerated significantly as a result of the pandemic. Canadian banks are now experiencing a surge in rapid integration of technology and digitization amid several developments currently underway that will revolutionize the financial services industry in the coming years.

In particular, the Canadian government has launched initiatives to modernize its payment systems and introduce a consumer-directed banking framework, all of which will further foster the growth of Canada's fintech ecosystem and increase Canada's competitiveness as a digital economy in the global landscape.

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