Canadians not afraid to venture outside the big banks for financial products
10.27.16

“Nearly one-third of Canadians have gone outside their banks in the past year for a financial services product or service, according to a new survey from EY.

Add those who plan to “in the near future” and the figure climbs to more than 50 per cent, signaling the potential threat of rivals including upstart financial technology firms to key business lines within Canada’s banks.

“To stay relevant, especially as financial technology companies, or fintechs, are taking a piece of the market, traditional banks need to build on their strengths — including brand, trust and community presence,” said Paul Battista, financial services advisory leader at EY, the global consultancy formerly known as Ernst & Young.”

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