3 innovative Neobanks changing the banking industry in Canada

By Delisha Fernandes

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

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

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

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.