A market study has been launched into the technology revolution that is taking place in the Canadian financial services market.
The Competition Bureau has announced that it will delve into the fintech sector in a new study that will focus on how the technology is affecting both businesses and consumers alike.
In its announcement, it outlined how fintech technology is changing the way that Canadians consume financial services – including making transfers and payments, as well as borrowing and investing funds. A simple touch of a button on a tablet or smart phone can activate a host of technology and reduce costs while also eliminating the need for intermediaries. As such, fintech is generally offering more choice as it is allowing existing services and products to be unbundled with new ones introduced.
However, at the same time as generating benefits and spurring innovation, fintech could also disrupt the financial services sector in the country.
As such the Bureau’s study will delve into the competitive impact that fintech is having on the industry, barriers facing companies and whether there should be regulatory reform to promote greater competition and maintain consumer confidence.
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