back Back

3 innovative Neobanks changing the banking industry in Canada

By Delisha Fernandes

June 07, 2023

  • Banking Products
  • Canadian markets
  • Canadians
Share

Neobanks are transforming the Canadian banking industry by providing a more affordable, accessible, and transparent alternative to traditional banks. They are also using technology to provide new and innovative financial products and services that traditional banks are unable to provide. A neobank is an online bank or financial technology (FinTech) that directly provides financial products and services to customers.

According to a Statista report, the Canadian Neobanking market is expected to grow to 4.70 million users by 2027. The rise of neobanks indicates the changing landscape of the Canadian banking industry. As neobanks continue to rise in popularity, we can expect to see more innovative neobanks enter the Canadian market to satisfy the requirements of their customers.

Here are three innovative Neobanks changing the banking industry in Canada.

EQ Bank is powered by Equitable Bank, Canada’s Challenger Bank. EQ Bank, founded over 50 years ago, strives to offer more value than traditional banks. The bank focuses on driving change in Canadian banking to enrich individual lives. It believes that open banking plays a significant role in making that happen. Customers can make better banking choices and reach their goals by giving them the right to share their personal and financial data.

Tangerine is a digital bank that helps Canadians live better financial lives by empowering them to make smarter decisions with their money. It offers banking products and services that are innovative and fair fees. The bank is committed to empowering Canadians – not just by providing them with the tools to take control of their finances but by giving them the confidence and skills they need to take positive action in their lives.

KOHO is a FinTech company that believes in better financial solutions for all Canadians. The company creates financial products that are open, intuitive, and designed to help consumers live a better life. The company aims to allow Canadians to travel more, retire sooner, and live more balanced lives. With an app and a reloadable card, KOHO is a new spending and saving approach.

Also read: Global Digital Banking Vendor & Landscape Report Q1 2024

Previous Article

June 06, 2023

4 AI-based RiskTech platforms fighting fincrime in the Nordics

Read More
Next Article

June 07, 2023

Aafaq Islamic Finance taps Mastercard to boost credit, prepaid & commercial SME offerings

Read More






IBSi Daily News Analysis

May 28, 2024

Banking Products

Latin America becomes a hotbed for FinTech unicorns and tech innovation

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

Today

ABN AMRO acquires German private bank Hauck Aufhäuser Lampe

Read More

Today

Axis Bank & Mastercard launch NFC Soundbox to fuel card payment acceptance

Read More

May 29, 2024

5 Major FinTech Acquisitions announced in Europe in May 2024

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023