With the rise of Netflix, Amazon, and Uber disrupting the media, retail, and taxi industries, the inconvenient truth is that banking is next on the horizon. With the rise of financial technology (FinTech) start-ups, Canadian banks could lose up to 60% of their retail banking and wealth management profits in the next decade. With retail banking accounting for anywhere from 50% to 70% of the Big Six Canadian banks’ profits, the overall hit could be as drastic as a 42% decrease in their bottom line.
Read the full article by Kaitlyn Oh here