Fintech is just around the corner with it’s disruptive potential over existing financial system through its use of technology.
Canada however, saw that fintech was less of a factor, partly because local banks emerged in better shape after the global financial crisis and also because the banks have a higher level of satisfaction with local customers than other markets.
Those were the key points found in a recent report by analysts at Canaccord Genuity, which, because of the positioning, was able to bring a global perspective to fintech. Having offices in U.S., U.K., Canada and Australia, Canaccord was in a favourable position to comment on new entrants to the world of fintech, and also achieving the results.
“The U.K. appears to have seen the most disruption given a high proportion of GDP associated with the industry, growing government support for financial technology and higher customer dissatisfaction with incumbents,” said the 34-page report that drew on the input of eleven of the firm’s analysts.
The report also stated that the U.S. market – mainly because of companies like Apple and Paypal – is “highly disrupted” while the Canadian and Australian markets, fintech has seen “relatively low impact as yet and would do well to observe the U.K. market.”