Published on : Jul 31, 2017
Albany, New York, July 31, 2017: Financial technology (FinTech) is an innovation, explaining the business transaction from the invention of money to double-entry bookkeeping. Despite the technological advancement in Canada, awareness of some of these newer digital products is still fairly low that possess a challenge to the companies offering these products. To depict the problematic scenario and the detailed analysis, Market Research Hub (MRH) has lately added a study titled as “Canada Consumer Attitudes towards FinTech- June 2017” to its vast report archive.
The study starts with the regional classification and income variation of the consumers relying on FinTech. Moving further, the related issues are discussed that vary from the facts such as, the not so prolific character of women in using digital finance tool, consumers are not overly enthusiastic about mobile payment adoption, men being more optimistic about the positive impact of technology and the satisfaction of Canadians with current providers. Further, the opportunities of the FinTech is depicted such as the increasing usage of digital financial products and services, adoption and monetization of mobile banking, the potential of wearables and the Robo-advisors and the unadvised market.
In the consecutive section, the report discusses the FinTech market in the Canada along with the market factors and the key players. Moreover, the key players are analyzed and depicted to make the report much presentable and informative for the readers. For example, MasterCard has launched Qkr in Canada, RBC offers e-transfers using Siri, Android Pay has been launched in Canada, Canadian robo-advisor has launched digital life insurance service, MoneyGram and others has unveiled financial services for Facebook Messenger and lastly InterestPiggy is inviting companies to compete for customers. Further, the various industry developments and innovations are listed whch help the market to prosper. Some of these developments include, Capital One Canada introduces free credit score checks for cardholders, American Express launches new mobile capability, Bank of America opens branches without employees, Alterna Bank introduces Canada's first fully digital mortgage application and Mogo moves into the mobile mortgage market.
In the last section, the research evaluates the marketing campaign, consumer analysis, and the various awareness & usage of digital financial products. Following the research, the mobile banking for payments is explained, which show that Men more likely to prefer stores that accept mobile payments. Moreover, the impact of technology on the financial landscape explain that men are more optimistic about the positive impact of technology, women are less convinced about radical change through technology and the young males and Chinese Canadians less likely to agree that interest payments are high.
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