Fintech challenge pushing big banks into cutting fees and offering new options to compete

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The demand in financial services for technology that can automate processes and reduce overall costs keeps ballooning.

OTTAWA — Technology firms have turned several industries on their head. The way people buy books, hail a ride home from the bar or find a room for the night while on vacation have all changed.

And now financial technology or fintech firms are turning their sights on the banking industry, but Canada’s big banks aren’t going to give up their dominant position without a fight.

Joanna Rotenberg, head of personal wealth management at BMO Financial Group, says the needs of customers are shifting and clients are seeking out digital tools to access and manage their money.


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