How Is the Retail Banking Landscape in Canada Changing? Experts at Infiniti Investigate the Latest Canadian Retail Banking Trends
A well-known market intelligence company, Infiniti Research, has announced the completion of its latest article on the evolving retail banking landscape in Canada. This article provides comprehensive insights into:
“The pressure on retail banking companies and other financial institutions in Canada remains high. This is making innovation and customer satisfaction more important than ever before for players in the retail banking sector,” says a retail banking industry expert at Infiniti Research.
Retail banking trends in Canada
Unbundling services
Canada will soon be exposed to open banking regulations that will fragment traditional retail asset and liability gatherings. Open banking refers to common interfaces among banks and third parties to facilitate more competition and also create new business opportunities. Although retail banking companies had sought a vertical approach that offers services from top to bottom over several decades, now several new entrants in retail banking want to be ‘horizontal’ and dominate an attractive specialty.
Rising interest rates
Interest rates are gradually rising from historic lows and consumers are soon bound to be challenged by debt levels. The retail banking industry will reflect the changing environment with an increased focus on the impact of rising interest rates, transparency in lending, and innovative new value propositions. The continuing rise in rates may result in personal loan offers to decline, however lending solutions such as installment loans and point-of-sale financing will shift the market towards time-sensitive credit sources.
Platformification
Innovation is vital for retail banking companies to effectively meet consumer demands. The financial services industry in Canada largely revolves around the digital age and rising consumer expectations of convenient and frictionless digital access. As a greater number of consumers seek streamlined solutions, retail banking companies in Canada will soon shift their focus to providing ‘one-stop-shops’ that bring both products and services on a single platform.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.