S Money’s Post

You might not know but "... in the market for bank accounts, nearly all working-age Canadians have an account at a financial institution, roughly 57 per cent of Canadians either did not pay for a bank account or had their monthly fee waived or refunded in the last month and there are nearly 450 deposit-taking financial institutions where a bank account can be opened." Read more: https://lnkd.in/ga3S8HTG "Robust competition is also present in payments, mortgage, small- and medium-sized enterprise (SME) lending as well as other financial services markets. Banks are strong proponents of an open, competitive and stable financial sector to benefit consumers. As banks play an important role in the financial system and broader economy, the sector has a significant stake in ensuring the financial system continues to be competitive and to provide affordable and accessible services within a system that also maintains safety, security and stability for consumers." #cdnbanking

Today at The Payments Canada SUMMIT, Gonzalo Mancenido - MBA, BMO’s Director of Money Movement, Everyday Banking Products, joined a panel discussion on the ever-increasing need for instant, transparent and low-cost cross-border payment experiences. The group shared their perspectives on why companies should rethink traditional cross-border payment methods and how they can optimize the overall payments landscape. http://spr.ly/6041ejsmN

It is often interesting to get an outsider view of the industry. The attached report from North Economics certainly provides an interesting perspective. Certainly, EQ Bank is bringing innovative value to the banking industry by offering an account that pays great interest on everyday bank accounts (aka a chequing account and offering 4% if the account has payroll attached), no fees, great FX rates and international money transfer and free withdrawals from any ATM in Canada. There is a lot to like with Canada's Challenger Bank. https://lnkd.in/gYeMzy5S #eqbank #challengerbank

Interesting times ahead for Spanish Banking

Are you feeling the HSBC Canada transition effects? Does RBC truly stand as a suitable replacement? Can it offer the same global payment connectivity as HSBC did? HSBC has officially left Canada and RBC will not be able to fill their shoes. It's time for a real change. Say hello to Finofo! 👋 What makes Finofo better? - Open your unique local accounts that enable you to function like a local business in your target country, even without establishing a physical business entity there. (USD, GBP, EUR, CNY, and HKD accounts) - Send, receive, and hold money in your accounts across multiple countries and currencies, registering a global footprint. - 24x7 Real-time currency conversions and competitive exchange rates. 📈 To the impacted customers: Upgrade your global banking with Finofo today! ⏩

The Canadian banking sector is at a crossroads. On one hand, it boasts a global reputation for stability and security. On the other, it faces pressure to embrace rapid digital innovation and keep pace with evolving customer expectations.    To learn more about the Mega-Platforms, Gen-AI, Open and Experiential Banking in Canada, Mudassar Malik sought insights from Nelson De Jesus, SVP and CIO of Personal and Business Banking & Direct Financial at CIBC.     With over two decades in the financial sector, Nelson brings a unique perspective on how Canadian banks can balance their traditional strengths with the quickly changing needs of a digital-first world.    Link to the short blog is in the comments below.    #DigitalTransformation #Innovation #GenAI #OpenBanking #ExperientialBanking #Canada

Hurry up and slow down! Does that sound familiar? Listen to this episode of "Behind the Growth" to gather insight on what it is like to balance these pressures in the banking industry.

Some really impressive results announced at UK digital bank Starling Bank today. Full-year Revenues and EBT each up > 50% year-over-year. Most of this was driven by huge expansion in Net Interest Margin, which expanded from 272 to 434bp. Customer Growth and card spend grew more moderately, so it will be interesting to see how this current fiscal year looks without such a huge gain in NIM. #challengerbank #banking #UK #fintech #payments #lending #credit #profits #riskmanagement

While card and e-money transactions dominate the volume of cashless transaction in South Africa, credit transfers dominate the value of transactions according to the latest data from the BIS. See all the charts here: https://lnkd.in/d-83Em5A

Spot on Consumer; underinvestment in infrastructure and scam losses is directly related. In addition, I think politicians might be putting too much hope in open banking changing the stats on account switching. Recycling customers between themselves is a zero sum game. Small providers might pick up a little, but not if their offers aren’t competitive due to their capital structure. Where open banking will help, is in making the payment system more competitive and moving away from visa/mastercard stronghold to retailers being able to use account2account tech at point of sale. We need much more focus on real time payments and why NZ is one of only four countries in Asia Pacific without it (N Korea, Laos and PNG). Fiji has real time, not us. It requires investment. Without real-time payments we leave control of “finality” with the banks. Gosh, I wonder why they’ve stalled to the point of the world leaving us behind? John Small Commerce Commission Andrew Bayly Payments NZ Reserve Bank of New Zealand #fintech #payments