As an economic storm brews, Canadian financial institutions (FIs) must address a long list of concerns and opportunities related to customers’ financial health, scrutiny from US regulators, and a potential fintech collapse. In the long run, open banking, digital transformation, and omnichannel personalization pose a different set of challenges.
Key Question: What do short- and long-term challenges and opportunities mean for Canadian FIs?
KEY STAT: Canada bank technology spending will hit C$9.29 billion ($7.41 billion) in 2022 and rise to over C$12.91 billion ($10.30 billion) by 2026 as banks continue to invest in digital transformation through the economic cycle.
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