Technology is changing the way financial products and services are accessed and used by Canadians. The innovative financial technologies (FinTech) being introduced by banks and FinTech businesses in Canada are increasing choice and improving convenience for customers.
Banks in Canada have a longstanding commitment to technological innovation and in recent years have taken an increasingly active role in supporting the development of financial technologies, whether through in-house initiatives or external partnerships. To be sure, all banks are making significant investments in the digital side of their businesses and in technology writ large. These investments have greatly improved the way banks connect to and interact with their customers and how they operate internally. Banks also increasingly finance or partner with FinTech companies to help provide access and exposure to innovative products and solutions that benefit customers, while FinTech upstarts benefit from having access to capital and a pre-existing client base to help scale their operations. In addition, banks also invest in financial technology by acting as trusted incubators and accelerators in order to stimulate new ideas, tap into high-skilled tech talent and help get innovations to market more rapidly.
FinTech is a tremendous opportunity for Canada’s financial industry because it can be very nimble and innovative. On the other hand, Canada’s banking sector is known for its strength, stability, brand recognition and significant customer reach. Banks are today finding ways to improve collaboration between the banking sector and innovative FinTechs to the benefit of both parties and, importantly, their customers.
New FinTech powers
The 2018 amendments to the Bank Act, the federal legislation that governs how banks operate in Canada, introduced new FinTech powers. The changes implemented through the Bank Act review removed the barriers that restricted certain types of relationships among banks and FinTech companies, including lengthy approval processes and restrictions on the type of investments banks can make in FinTech. This was a positive step in the right direction to help banks continue to seize the opportunities that FinTech represents. Banks in Canada can now invest in or partner with FinTech, thereby leveraging their respective strengths.
Convenience through technology
Banks have a long history of using technology to deepen relationships with their customers, enhance products and services development, improve their operations and modernize legacy IT systems. The pace of technological change is accelerating, bringing new challenges, however banks will continue to meet evolving customer preferences while also bringing trust to the technology equation.
Technology is only one part of the transformation taking place in banking. In the digital era, trust is also at the centre of change. It is trust that underpins the fundamentals of banking: a great customer experience, strong prudential oversight, and a dedication to protecting privacy and data.
Banks and technology companies, for instance, have both recognized the enormous opportunities presented by artificial intelligence (AI) to improve the speed and accessibility of services and to provide a more customized and personalized experience for customers. This includes using chatbots that are available 24/7 to provide customer support, as well as deploying AI-powered as “robo-advisors” to automatically allocate clients’ funds and manage and optimize their assets. The potential innovations that AI can unlock is just beginning and will be a significant area of competition between banks in the coming years.
Online marketplace lending is another growth area that banks have supported in recent years. Online marketplace lending permits the match of potential borrowers with potential lenders and generally caters to consumers and small and medium-sized businesses that may be unable to obtain loans from traditional sources. Borrowers can request a loan for a specified amount through the platform, and investors on the platform can choose to lend to a particular borrower, based on information such as interest rates and credit scores. The level of customization that this model allows simplifies the underwriting and adjudication process for both borrowers and lenders.
The below information provides examples of recent FinTech innovations in the banking industry, categorized as follows:
- In-house development of new technologies;
- Technology sourced from or developed in partnership with FinTech companies; and
- Banks as tech incubators in collaboration with the FinTech community.
I. In-House FinTech Developments
September 2021
AI
BMO Financial Group and Riskfuel Analytics a Toronto-based start-up, today announced a partnership to develop models for pricing and scenario analysis of structured derivatives transactions. This comes following a successful pilot project, which saw quantitative researchers from both firms develop a solution to speed up valuation of autocallable notes which previously presented significant runtime challenges when priced using traditional valuation methodologies
As an early adopter of this technology for front office pricing, BMO's partnership with Riskfuel Analytics adds to its track record as an innovator in Capital Markets, employing AI to improve the client experience and operational efficiency simultaneously. Working with Riskfuel will reduce reliance on slow and expensive financial models to calculate pricing and risks of structured products.
March 2021
Onboarding
BMO has introduced a digital solution that more quickly and seamlessly enrols customers into commonly used mobile banking features. The solution is called Automated Digital Enrolment.
With BMO's Automated Digital Enrolment, new and existing personal banking customers will benefit from the following:
• Simplified experience to getting online: Automatically sets up and enables popular mobile banking features including Remember Me, Security Alerts, Biometric Authentication, Interac e‑Transfers and Autodeposit.
• Quicker enrolment: The solution reduces enrolment time from 15 minutes to under three minutes to help customers bank on the go, faster.
• Activating online anywhere, anytime: When opening an account in‑branch, it provides a contactless, digital onboarding experience to support in‑branch physical distancing. The solution can also be leveraged by customers at anytime on their own as well when first setting up mobile banking.
February 2021
Investors tool
BMO announced a new digital tool that that provides Canadian investors with a complimentary portfolio check-up from the comfort of their home. The new advice Direct Portfolio Health Check tool empowers investors to measure their portfolio holdings across four key indicators: asset allocation, diversification, security ratings, and risk. Investors are then provided with a report that highlights strengths and aspects of their portfolio they may want to reconsider.
January 2021
Investors tool
BMO Global Asset Management (BMO GAM) has launched MyESGTM an online tool to help advisors and individual investors better understand ESG (Environmental, Social and Governance) investing preferences. MyESGTM uses data collected through a BMO GAM survey to help guide the discussion between investors and advisors.
November 2020
AI
BMO has introduced its BMO CashTrack Insight – an artificial intelligence driven capability that identifies potential cash shortfalls and helps customers better manage upcoming expenses. The solution is fully integrated into BMO's wider personal financial management solution, BMO Insights.
October 2020
Mortgage
BMO has nationally launched a digital solution that brings speed and convenience to the Canada home buying journey. BMO’s Digital Pre-Approved Mortgage application allows homebuyers to apply for a mortgage pre-approval online and receive an instant decision.
May 2020
Reset PIN online
BMO has introduced the ability to reset or change a MasterCard PIN via online or mobile banking. The bank has also introduced a suite of credit card self-service capabilities over the last several months.
December 2019
AI
To help customers gain better control of their financial lives, BMO has introduced a new personal financial management solution, BMO Insights. The solution leverages artificial intelligence (AI) to deliver personalized, automated, and actionable insights for everyday banking customers to help them manage their day-to-day finances and cash flow. BMO Insights is fully integrated into the mobile banking experience.
September 2019
Online Lending
BMO launches new lending solution, which provides customers the simplicity of applying for a personal line of credit directly from their mobile devices. Customers are now able to apply for credit by completing a short and user-friendly digital application and will receive a decision on their loan in minutes.
January 2019
Payments
BMO’s Quick Pay is a new way to pay bills, enabling customers to email their bills to BMO – and leveraging machine learning capabilities to recognize the biller, account number, amount and due date across a range of corporations and statement formats.
February 2021
AI
CIBC launched its new CIBC Insights feature, which offers clients personalized and actionable data-driven recommendations based on their financial transactions. Using AI and machine learning, CIBC Insights notifies clients of savings opportunities and unusual transactions, while providing guidance that can support better everyday spending decisions.
December 2020
AI
CIBC is introducing a conversational AI‑based Virtual Assistant powered by IBM Watson Assistant, that can perform banking transactions and answer questions about everyday banking. It is now available 24/7 through CIBC Online Banking and will be launched on CIBC Mobile Banking in 2021.
Clients can use it to send an Interac e-Transfer, pay and schedule a bill, lock and unlock their credit card or transfer money between accounts. The Virtual Assistant can also transfer a client to a CIBC financial expert if needed.
Contactless payments
CIBC announces enhancements to its contactless payment options, enabling clients to tap their CIBC Advantage Debit Card using Apple Pay, Samsung Pay and Google Pay on mobile devices or smart watches for purchases of up to $250 at a growing list of retailers in Canada. The change, now effective, increases the contactless debit payment limit for mobile wallet transactions from $100. Plans are underway to increase tap limits on physical debit cards in 2021.
November 2020
Financial planning
CIBC has announced the launch of CIBC GoalPlanner, an innovative new platform that takes the complexity out of financial planning, leverages insights and helps clients keep their goals in sight.
March 2020
Text notification alerting clients
CIBC introduces text messages notifications alerting clients when there are insufficient funds in their account to cover an upcoming payment. The first-in-Canada CIBC Smart Balance Alert provides clients a reminder to transfer funds to avoid a returned payment.
October 2019
Replacement Cards
CIBC will instantly replace a lost or stolen credit card on your mobile phone. For clients using cards in mobile wallet, the replacement card is uploaded automatically and ready for use.
SME
CIBC announces entrepreneurs and professionals may now digitally and securely open new CIBC Business Operating Accounts and customize their CIBC SmartBanking for Business experience using their mobile phone or tablet without visiting a bank centre. This feature eliminates the need to scan and upload lengthy business documentation.
May 2019
SME/Mobile App
CIBC Smart Banking for Business digital solution gives business owners a comprehensive view of their company's finances, including accounting and payroll insights, and makes it easier to manage their business. The digital platform provides financial insights to help make real-time business decisions.
May 2017
General
CIBC launches a data lab in Waterloo in a bid to tap the local technology talent pool and develop innovations to give the bank a foothold in the digital economy. The lab had four full-time data scientists working with three co-op students from nearby universities
April 2017
Mobile Banking
CIBC introduces in-app voice commands to simplify mobile navigation.
February 2023
Payments
Laurentian Bank has announced the launch of a new line of credit cards. Starting today, Retail customers can now apply for a Laurentian Bank credit card online and, upon approval, have access to a virtual card within seconds. This means that they can start using their new card right away, without having to wait for the physical card to arrive in the mail. The new credit cards also offer one of the most flexible rewards programs on the market allowing customers to redeem their way as well as access payment options at a reduced interest rate through instalments.
This launch is part of the strategic partnership between the Bank and Brim Financial announced in December 2021. In addition to the newly redesigned cards, through this partnership, the Bank has made size its advantage by leveraging Brim's technology to offer an enhanced rewards program and best-in-class digital banking services.
December 2021
Digital transformation
Laurentian Bank of Canada announced a strategic partnership with Brim Financial, one of the fastest growing fintech companies in Canada and a licensed credit card issuer, to fuel its digital transformation and enhance its end-to-end customer journey for its suite of VISA products. Through this partnership, Laurentian Bank will integrate Brim’s unique Platform as a Service (PaaS) to accelerate the Bank’s digital capabilities, simplify its VISA ecosystem, close foundational gaps in its offering, and differentiate its products in the market. Laurentian Bank and Brim plan to bring the new experience to the market in 2022.
August 2021
Consumer-directed finance
National Bank of Canada invests $103M in Flinks, including $30M in growth capital towards acceleration of the Montreal-based fintech's expansion activities in North America.
The investment follows a successful launch by Flinks in the United States. This investment will also allow Flinks to continue its fast-paced growth and meet the demands of fintechs, asset managers, credit unions and banks with tools that enable innovation with financial data in North America. The company is also planning to grow its market share in the wealth and lending spaces, in addition to further enhancing its offerings in analytics & data enrichment.
June 2021
Digital tool for entrepreneurs
RBC has launched RBCx, a full‑service platform to accelerate the entrepreneurial journey at every stage of growth - providing access to capital solutions, innovative products and services, and operational expertise to help technology companies scale. RBCx supports entrepreneurs – from startup to scale up – who are disrupting business models, industries, and sectors.
RBCx is a holistic market‑defining platform that will offer differentiated products and solutions for technology clients across their entire journey from inception to IPO and beyond, including:
• Innovative financial products, including credit and specialized banking
• Deep sector expertise in specialized tech verticals, including clean tech and life sciences
• Exclusive offers from industry-leading providers within the RBCx marketplace
• Counsel from operational specialists across a number of key disciplines
• An inspired network of founders and funders engaged through curated events and content
• Proprietary research and guidance
• A suite of custom personal banking services, including credit cards, wealth management and personal finance
September 2020
Digital Account Opening
RBC announces the launch of enhanced digital deposit account open processes for personal and business clients, providing them with the flexibility to fully open an account from wherever it is most convenient for them.
March 2020
Digital ID
RBC offers clients the ability to digitally verify their identities when opening an account in branch. The RBC Mobile App now uses AI to check a client’s government-issued identification against the security features and characteristics of driver’s licenses and passports. The App also uses Near-Field Communication (NFC) so clients can tap the electronic chip on newer versions of Passports.
September 2019
Business Banking
RBC announces the launch of RBC Insight Edge platform for its business banking clients across Canada. RBC advisors will use Insight Edge to provide clients with relevant insights about their industry performance, customers, and markets.
June 2019
Payments
RBC has launches RBC Express Track Wire Payments solution leveraging SWIFT’s global payments innovation technology. Now business clients can track their wire payments from the moment it leaves RBC to the time it reaches the beneficiary’s bank at no additional cost.
April 2019
Mobile App
New features on the mobile app includes:
• Pay bills with a photo.
• Debit card lock with a touch.
RBC personal and business clients can now easily add a new bill payee by taking a photo of their bill or uploading their e-bill.
April 2019
AI
RBC launches NOMI Budgets, a new solution available through the RBC Mobile app. A first-of-its-kind in Canada, NOMI Budgets uses AI to proactively analyze a customer’s spending history, recommend an appropriate budget and send timely updates to help keep them on track in a seamless and convenient way.
A new addition to the NOMI family, NOMI Budgets keeps an eye on their finances and tracks their spending habits. Powered by NOMI Insights, the program will recommend a personalized, monthly budget in five areas.
March 2018
API
RBC launches an API developer portal that allows external software developers to access select RBC APIs. Each API package delivers data elements and business logic required to deliver the end to end business process. Featured APIs include branch location info, down payment info, amortization schedule info, and information on RBC credit card rates and fees.
August 2017
AI
RBC introduces two new capabilities to help clients automatically track spending and look for ways to save their money, both of which are powered by predictive analytics:
• NOMI Insights helps clients manage day-to-day finances with timely tips and advice and helps clients keep track of spending, plan for upcoming expenses and provide timely alerts, such as when a regular monthly payment is higher than usual.
• NOMI Find & Save acts as an automated savings account. The technology monitors clients’ transaction patterns, finds pockets of money in a client’s cash flow, and automatically moves that money into savings.
March 2017
Online Advice
RBC introduces MyAdvisor, a live video platform that connects clients with advisors in real time. Through the new platform, an advisor can connect digitally with a client to talk about financial objectives and plans. Both can view and manipulate a dynamic dashboard that shows the client’s savings and investment goals; they can then have a real-time discussion of possible actions to achieve those objectives.
December 2021
AI
BestEx Research Group, LLC, a provider of high-performance algorithmic execution and measurement solutions for equities, futures, and foreign exchange trading, today announced a strategic agreement with Scotiabank to reshape electronic trading for Canadian equities. Scotiabank will be the only Canadian bank to provide access to this trading platform in the Canadian market through its cross-asset electronic suite of products, ScotiaRED.
BestEx Research's algorithms are built on research-driven, quantitative order placement logic, a departure from the heuristic-based approach of most providers and includes a cloud-based Algo Management System (AMS) that provides unprecedented transparency and control over orders in real time. This next-generation platform, expected to launch in the second quarter of 2022, will build on Scotiabank's commitment to investment, performance, and best execution, featuring state-of-the-art technology designed to serve the unique needs of the Canadian market, rather than relying on execution algorithms originally designed for U.S. markets.
December 2021
Consumer-Directed Finance
Scotiabank announced its partnership with Intuit, the global technology platform that makes TurboTax, QuickBooks, Mint, Credit Karma, and Mailchimp, to provide Canadian customers the ability to share their banking information confidently and easily. Shared customers across Scotiabank and Intuit, including QuickBooks, Mint, and TurboTax, will be given greater control of their financial data, saving time with an improved digital experience, and enhanced data protection.
Scotiabank will use Application Programming Interface (API) technology to securely transfer financial data to Intuit products after obtaining customer consent, simplifying the process, and enhancing the customer experience. This scalable functionality will lay the groundwork for future digital service enhancements for consumers and businesses.
September 2021
Cloud provider and Analytics
Scotiabank and Google Cloud today announced a strategic partnership to deepen the Bank's cloud-first commitment and accelerate its global data and analytics strategy. As a Scotiabank trusted cloud partner for data and analytics, Google Cloud will help create a more personal and predictive banking experience for Scotiabank customers in the Americas and across the globe.
February 2021
AI
Scotiabank announced C.MEE, a new technology that leverages big data and artificial intelligence (AI) to enable even better customer experiences (CX) with the Bank. Using AI to predict customer needs, C.MEE provides customers with relevant and timely financial advice when they need it most.
November 2020
AI
Scotiabank has announced the use of a new Global AI platform that provides customers with intelligent and personalized financial advice. The platform is enabling the bank to provide fast, relevant advice by anticipating and understanding customers' needs.
With a focus on providing quality advice for customers, the platform's compute power enables the fast delivery of insights, ultimately providing better data to support customers in their financial goals. The platform has also been designed to be used in all business lines across the enterprise.
March 2019
Mortgage
Scotiabank launches eHOME, a tool modernizing how Canadians can get a mortgage. Canadians can apply for a mortgage completely online, track the application status through real-time updates, and complete the closing with a lawyer without requiring an in-person appointment with a mortgage specialist or financial advisor. Supporting documents are easily uploaded to a secure vault and, if needed, a dedicated team of specialists is a phone call away.
November 2018
SME
The ScotiaConnect Mobile Banking for Business app allows corporate treasury departments, CEO's and owners of small- or medium-sized businesses to use their smartphone to view balances and transactions, approve and submit payments and create, submit and approve account transfers and bill payments.
January 2017
General
Scotiabank opens a 70,000-square-foot “digital factory” in downtown Toronto, where hundreds of data scientists, artificial intelligence researchers and other top tech talent were brought in to develop new FinTech capabilities.
January 2022
Cloud provider
TD announced the strategic acceleration of the Bank's move to establish an enterprise level data estate on Microsoft Azure. This initiative, that now includes a multi-year agreement with Databricks, will further enhance analytical capabilities to help power new customer experiences and enable employees to collaborate with more agility across the Bank.
The new agreement between TD and Databricks will help TD unlock data at scale and achieve broader benefits with the move to Azure by leveraging Delta Lake for access to high-quality, governed, and secure data across the enterprise.
January 2022
AI
TD Insurance (TDI) announced that it is expanding upon its manual and analytics-based fraud detection and prevention capabilities to include FRISS's AI-powered fraud risk scoring to better detect suspicious and fraudulent claims during the claims adjudication process. TDI implemented the FRISS Case Management Tool and Claims Fraud Detection solution in 2020. In June 2021, TDI further enhanced this capability with the integration of FRISS into Guidewire ClaimCenter, TDI's claims management system. This integration activated real-time fraud risk scoring and flagging of potential fraudulent claims, creating faster and improved detection of suspicious claims.
September 2021
Consumer-directed finance
TD Bank Group and Envestnet | Yodlee today announced a data access agreement to address the needs of an increasingly digital customer base. This North American agreement signifies the alignment between TD and Envestnet | Yodlee about protocols to provide for the safe and secure access of TD customer financial data to support the customer's requests to share with the financial wellness apps and experiences of their choice.
Through this agreement, TD customers will be able to more reliably and effectively connect to and send their financial information to the more than 1,400 third-party applications powered by the Envestnet | Yodlee financial data aggregation platform. At the customer's request, TD will now transfer the customer's financial data to Envestnet | Yodlee through Application Program Interfaces (APIs) eliminating the need for customers to share their banking login ID or password.
December 2020
AI
As part of the new app experience, TD is delivering personalized insights to customers that are tailored to their banking needs. Select TD mobile app users will now start to receive digital nudges powered by AI that offer proactive insights that are personalized and contextual to the customer, including:
• Low Balance Prediction – using the predictive capabilities of AI, TD is alerting customers who are likely to encounter a low balance in the next two weeks with a digital nudge so that they can prioritize spending.
• Upcoming Transactions – provides a list of upcoming bills within the next two weeks based on recurring transactions from the last two years to help customers who have been identified by AI as having challenges with cash flow.
Budgeting Tool
TD Bank has launched a new Student Budget Calculator, designed and developed in TD Lab, TD’s innovation hub, in collaboration with students, to address key post‑secondary challenges: understanding the cost of school and associated expenses, and how to effectively save, budget and prepare for them.
October 2020
Investing
TD has launched TD GoalAssist, a new mobile app designed to help Canadians set financial goals and invest with confidence. Through a simplified, guided app experience, users can build a goal-based investment plan and select investments to help them invest towards their goals.
October 2019
AI
TD announces artificial intelligence to be used to deliver more personalized, contextual advice and information to its customers through a new experience called MyTD. While still in the test phase, the experience will seek to combine data about monthly spending patterns and account balances with machine learning to help manage their finances.
Car Loans
The TD Wheels mobile app will allow users to obtain prequalification for vehicle financing (in December 2019) up to a specific amount and for a specific rate. TD Wheels helps evolve the car-buying experience for Canadians by offering a personalized digital tool.
Future of Work
TD announces the launch of a new initiative called the TD Mindpower: Analytics for Social Good helps non-profit organizations leverage data and analytics to grow their community impact. The initiative pairs non-profit organizations with a team of TD data analysts to help draw new insights from their data. The TD team develops analytics-powered dashboards, forecasting key trends, and new methods of growing their community impact through data.
September 2019
Credit Cards
TD announces a new control feature on all TD Visa consumer credit cards that allows cardholders to temporarily block their Canadian credit card from unauthorized access.
January 2019
Mortgage
TD launches its digital mortgage application, an integrated, digital solution created to make the process of buying a home easier and more convenient for customers. The application provides 24/7 access, save and resume, status tracking, and document upload. Mortgage Specialists are also readily available to assist consumers throughout the digital application.
February 2021
Digital Currency
VersaBank announced it plans to launch a strong encryption based digital currency represented one-to-one by a Canadian dollar bank deposit with the Bank, to be known as VCAD. VCAD is expected to be the first digital currency to represent a fiat currency, as well as the first in the world digital currency issued by and backed by deposits with a North American bank. As such, VCAD will offer the highest level of stability and security amongst all digital currencies in the market today.
II. Recent Bank Partnerships with FinTechs
October 2019
SME
Alterna Bank announces their limited release of the Alterna Bank Digital Small Business Banking solution. In partnership with nCino, Alterna Bank now offers a streamlined business account opening process that is available 24/7, online and on mobile devices.
April 2023
Digital Banking
BMO today announced it is enhancing and expanding its online NewStart® Pre-Arrival Account Opening program to help newcomers to Canada make real financial progress and easily transition to their new lives.
BMO's newly enhanced, industry leading pre-arrival account opening capability provides a seamless online experience for new Canadians. Starting today, NewStart® Pre-Arrival Account Opening will now be primarily automated, allowing online applicants in eligible jurisdictions to have their BMO Pre-Arrival bank account applications processed instantly.
In addition to program enhancements, BMO now enables applicants from 13 countries to open a bank account and an International Student GIC if eligible, before they arrive in Canada, making their financial transition easier and quicker. The program is now available to residents of several countries that are a part of the Government of Canada's Student Direct Stream accelerated student visa application process, including: Antigua and Barbuda, China, Colombia, Costa Rica, India, Morocco, Pakistan, Peru, Philippines, Senegal, Saint Vincent and the Grenadines, Trinidad and Tobago, and Vietnam.
December 2021
Money Transfers
BMO today announced the launch of BMO Global Money Transfer – a new fast and convenient feature providing a digital solution to sending money internationally. The new feature is the latest step in BMO's ongoing commitment to building a digitally enabled, future-ready bank.
BMO Global Money Transfer is available 24/7 through BMO's mobile banking app and offers greater flexibility and affordability with a $5 fee per transaction. The product also includes an easy‑to‑use 'Send Again' function for recurring transactions. Additional unique features include a currency watchlist and notifications allowing customers to track the status of transactions.
BMO's new global money transfer capability builds on its commitment to offering a leading digital customer experience, including new AI-Driven Insights and Selfie ID verification solution, which provides customers with a convenient way to verify their identity when opening personal bank accounts and credit cards from their personal devices.
October 2021
Onboarding
BMO has expanded its digital verification solutions with the launch of Selfie ID – a new capability that provides Canadians with a convenient way to apply to open personal bank accounts and credit cards from their personal devices. The new capability builds on BMO's Automated Digital Enrolment solution, further providing customers a simple and digital remote onboarding experience.
As part of the account opening process, customers can now verify their identity by submitting a photo of Canadian government-issued photo identification (a driver's license, passport or permanent residence card) along with a selfie – a photo taken of themselves in the moment. The authenticity of both items are automatically verified and provide customers with a decision on their application in real time.
March 2021
B2B
To help simplify the business‑to‑business payments journey, Moneris Canada’s largest* processor of debit and credit card payments, has collaborated with BMO to provide Canadian Commercial clients with Moneris B2B Pay™, an automated payment processing solution powered by straight‑through processing. This collaboration will help streamline the business‑to‑business payment process and provide greater operational efficiencies for both the buyer and supplier.
Moneris B2B Pay helps buyers and suppliers make secure, efficient transactions using virtual commercial cards, such as BMO’s Approve2Pay®. By utilizing a virtual card, buyers can initiate payments electronically and suppliers, such as manufacturers, wholesalers, and commercial services, can have funds automatically accepted and deposited into their account.
August 2020
Consumer-directed finance
BMO, in partnership with Intuit, has completed the development of a new secure data portal. The portal will allow customers to share their BMO financial data with Intuit QuickBooks Online. The data portal provides business customers with the option of efficient sharing of their BMO transaction data with Quickbooks Online and associated applications.
August 2019
Mortgages
BMO announces an expanded partnership with leading digital lending platform, Blend. BMO is working with Blend to deliver digital mortgage and home equity experiences to customers in the U.S.
BMO will continue to work with Blend to enhance digital services for customers in Canada and the U.S.
October 2018
Biometrics
BMO announces a partnership with Toronto-based BioConnect to deliver a biometric authentication platform offered to commercial and corporate clients through BMO Online Banking for Business. The technology enables customers to authenticate transactions using fingerprint, voice, face or eye via BMO's desktop and mobile solutions to augment authentication using the username and password method.
August 2018
AI
BMO Harris Bank announces a partnership with Genivity to bring AI technology to its wealth advisors and help them engage clients through life stage, health risk and elder care cost planning (i.e., it helps wealth advisors engage in important health care discussions with clients and estimates future long-term health care costs).
August 2022
Consumer Directed Finance
CIBC announced a data access agreement with MX to enhance the CIBC client experience through secure data sharing, providing clients with a safe and seamless way to share their financial information.
By using application program interface (API) technology, CIBC's 11 million clients will no longer need to share their banking login ID and password to connect their banking information with third-party fintech applications that partner with MX.
The fintech applications that CIBC customers will be able to utilise cover a range of financial services including financial management, budget planning and credit-building tools. This collaboration with MX reflects CIBC's commitment to innovation and will enable modern, digital client experiences.
February 2022
Payments
CIBC announced that it is partnering with Pollinate to bring "Tyl by CIBC" to Canada. Tyl is a cloud-based digital-first platform for small and medium-sized businesses (SMBs), that enables safe and secure payments acceptance, provides easy point-of-sale technology, and helps users administer loyalty programs. The platform also offers seamless integration into CIBC business banking services.
Under the partnership, CIBC is making a strategic financial investment in Pollinate, joining Insight Partners, NatWest, National Australia Bank, Mastercard, EFM Asset Management and Fiserv with an ownership stake in the company and its growing business. CIBC's partnership with Pollinate will give Canadian businesses access to the Tyl platform, which is being used successfully in other global markets, and is generating a strong, positive response from owners by helping them run and grow their business.
July 2021
Onboarding
CIBC announced a new digital identity verification option, enabling prospective CIBC clients in Canada to verify their identity in minutes, without the need for a trip to the banking centre or to speak to a client care representative to open new accounts online. Utilizing machine-learning algorithms, digital verification technology offers fast, easy and secure onboarding for new CIBC clients through the CIBC website or mobile banking app.
December 2022
Payments
Canadian Western Bank (CWB) will expand its partnership with Brim Financial through a new business credit card offering in 2023. Driven by a focus on the unique financial needs of Canadian businesses and their owners, CWB is excited to offer a suite of cards that matches what clients want and need from a modern credit card solution. Brim, one of Canada’s fastest growing fintechs, and globally ranked as a best-in-class credit card as a service platform provider, will lever its robust technology platform and embedded business banking solutions to power the suite of cards.
Clients with a CWB business credit card will benefit from the speed and efficiency of Brim’s product capabilities and business workflows.
December 2019
AI/SME
CWB Financial Group partners with Temenos Infinity to deliver a personalized digital experience for small-to-medium-sized business owners. The partnership will enhance CWB’s digital experience by enabling customized insights, powered by big data and AI, to help clients more effectively manage their cash flow and financial decisions.
April 2017
Payments processing
CWB and Payfirma announce a new strategic partnership that will provide the bank’s business customers with the technology needed to accept payments online, in store, and on mobile devices. Payfirma offers a white- labelled omnichannel payment processing platform, giving business customers seven ways to accept payments, including a virtual terminal, mobile payments, recurring billing, traditional terminals, eCommerce, integration APIs, and electronic invoicing.
September 2019
Account Opening
Coast Capital has partnered with Thirdstream to launch a digital account opening platform. The real-time membership and account opening take less than five minutes with a full end-to-end integration with immediate access to digital banking.
July 2022
Consumer Directed Finance
EQ Bank, powered by Equitable Bank, Canada's Challenger Bank, has partnered with Flinks, a leader in open banking, to provide EQ Bank customers with the ability to share their financial data securely with third-party fintech applications of their choosing.
This partnership, and the integration of Flinks Outbound, an open banking environment, provides EQ Bank with the framework to quickly deliver flexible open banking capabilities and easily launch and operate new API data sharing methods while providing the bank with critical new data management capabilities. EQ customers who provide explicit consent will have the visibility into what data are they sharing, with whom and for how long.
With Canada's fast growing network of fintechs apps, Flinks enables easy adoption of these APIs by managing the onboarding, accreditation, and support.
May 2019
Money management
Motusbank partners with US-based FinTech MX to introduce the latter’s new, self-guided financial wellness tool, Pulse, to its customers.
September 2018
SME
National Bank partners with Thinking Capital to expand financing options for Canadian Small Business. Small businesses across Canada can conveniently apply online for a term loan and receive a decision within a few minutes.
Thinking Capital’s proprietary FinTech platform uses AI and algorithms to make lending decisions to streamline the process of evaluating SME loan applications and ultimately qualify applicants more quickly.
July 2018
AI
National Bank partners with LUGE CAPITAL to back Montreal FinTech startup Flinks, to accelerate growth and market an AI-powered risk assessment solution.
June 2018
Digital payments
National Bank announces leveraging Mobeewave technology in launching its “Easy Pay” service, which allows merchants to accept credit card payments in person using a compatible smartphone without the use of peripherals.
After registering for the Easy Pay solution, merchants simply download the Easy Pay app to accept payments from customers using an eligible contactless credit card or via the customer's digital wallet. The system leverages the NFC capability that is built into many mobile devices.
April 2017
Robo-advisor
National Bank and Nest Wealth sign multiple agreements, which include a strategic minority investment of $6 million by National Bank in Nest Wealth and a commercial agreement between the two companies. Rather than launching its own robo-advisory service, National Bank’s financial advisors will use Nest Wealth’s digital platform to help advise clients.
November 2022
Payments
RBC launched Swift Go, a new solution that enables Canadian businesses to send cross-border payments of up to $10,000 in foreign currencies with speed, security, predictability and efficiency. Implemented in collaboration with J.P. Morgan and Swift, RBC is the first Canadian financial institution to introduce this capability for its business clients.
Currently available to clients through the RBC PayEdge™ platform, Swift Go will provide small- and medium-sized enterprises with added flexibility and choice in how they pay suppliers around the world.
June 2022
Consumer Directed Finance
RBC has announced an access agreement with Envestnet | Yodlee, a leading data aggregation and analytics platform, to address the needs of an increasingly digital customer base. The agreement allows RBC clients to better manage their finances and build wealth by connecting to and sharing their RBC financial information with more than 1,500 third-party applications powered by the Envestnet | Yodlee platform.
The implementation of this agreement will empower RBC clients with the option to share their financial data, safely and securely with Envestnet | Yodlee through a direct application program interface (API) connection. This eliminates the need for them to share their RBC credentials, improves the accuracy of the data, and significantly accelerates financial data access.
This move to a direct API connection significantly reduces reliance on RBC client credentials for sharing financial information in Canada and offers clients a better method to control the release of their account information, greater reliability, and higher speeds in accessing their account information.
June 2022
Consumer Directed Finance
RBC and Plaid have announced a new data access agreement that will empower RBC clients with the option to share their financial data securely via a direct application programming interface (API) with the thousands of apps and services of their choice on the Plaid data network. This new API connection delivers a seamless user experience and eliminates the reliance on credential sharing, resulting in increased security and better protection of clients' privacy.
RBC's partnership with Plaid, an API-first company, will significantly eliminate the reliance on credentials when sharing financial information in Canada. This additional layer of protection is timely, as privacy is a high priority right now with the rise of fraud attempts during the pandemic.
September 2021
AI
RBC announced a new digital tool that will give clients more confidence in managing their money. NOMI Forecast shows clients what pre-authorized payments are coming due over a seven-day period, giving clients a more holistic view of their account activity. Now, with forecasting, they will be able to more confidently manage their cash flow—accounting for upcoming and regular obligations like mortgage, loan and subscription service payments.
NOMI Forecast is also the first time Borealis' AI technology is being integrated into a retail banking offering, setting the stage for RBC to deliver next generation advice to clients.
July 2020
Cloud
RBC an its AI research institute Borealis AI have partnered with Red Hat and NVIDIA to develop a new AI computing platform designed to transform the customer banking experience and help keep pace with rapid technology changes and evolving customer expectations.
March 2022
AI
Scotiabank announced the launch of Ethics Assistant, in collaboration with Deloitte Canada, to further enhance the Bank's investments in data and analytics to derive customer insights that are more accurate, personalized, and free of bias.
Ethics Assistant also ensures that data collected by Scotiabank is leveraged in a manner that reinforces the importance of transparency and trust in how customer information is accessed and used.
The tool helps practitioners think about ethical considerations early on before AI and machine learning projects are deployed improving consistency, transparency, and fairness.
January 2021
AI
Scotiabank introduced a cashflow prediction tool — called SOFIA, for Strategic Operating Framework for Insights and Analytics — that uses historical commercial banking data, such as deposits, and trends from the past year combined with machine learning to forecast what clients could expect in the next four weeks. The tool also helps the Bank be more efficient, allowing risk managers to better focus their efforts on the right customers at the right time and can speed up the annual review process. The insights generated by this cashflow prediction tool also help inform the Bank’s planning, such as how much to set aside as provisions.
February 2017
AI
Scotiabank licenses software provided by DeepLearning to help it collect debts. The software analyzes customer behaviour and existing datasets to make connections to credit card collection, and uses a type of artificial intelligence known as a neural network.
September 2018
Money management/Financial Insights
Tangerine partners with Meniga, a personal finance management (PFM) solutions provider. Meniga’s first known client in Canada, the bank sets out to offer its customers a clearer view of their finances through more accurate categorisation of their transactions and a more customised banking experience.
January 2023
Digital Banking
TD announced an exclusive two-year strategic relationship with CanadaVisa, one of the leading sources of Canadian immigration information.
The TD and CanadaVisa strategic relationship will give newcomers access to a consistent and reliable stream of content that can help bolster their acumen across important financial topics, such as - understanding different types of bank accounts, saving for the future, building a good credit score, buying a home, and much more.
September 2020
Consumer-directed finance
TD announced a new data-access agreement with Intuit, maker of TurboTax, QuickBooks and Mint, which lays the groundwork for customers to request that TD transfers their financial data for services they want to use, including personal financial management apps supported by Intuit. At the customer’s request, TD will transfer the customer’s financial data to Intuit through secure technology known as Application Programming Interfaces (APIs).
August 2020
Consumer-directed finance
TD announced a new data-access agreement with Finicity, which lays the groundwork for customers to request that TD transfers their financial data for services they want to use, including personal financial management apps supported by Finicity.
January 2019
AI
In partnership with Kasisto’s leading Conversational AI platform, TD launches Clari, a new chatbot integrated into the bank’s mobile app that empowers customers with real time personal spending insights, branch locations, help with financial services and everyday transactions. Clari is powered by TD MySpend.
September 2018
Integration of APIs and AI into self-directed investing platform
TD and Hydrogen Technology Corp. enter into a licensing agreement involving the use of Hydrogen’s technology to offer clients who invest with TD a complete, end-to-end digital investing experience. The first phase offers clients the ability to independently create financial plans and investment portfolios, all seamlessly integrated in customers’ online brokerage account.
Also planned for subsequent phases is the creation of a direct access digital advisor, and several new capabilities for TD retail banking customers. And as adoption of the platform increases among TD clients, artificial intelligence features are planned for integration into both existing and future applications.
January 2018
AI
TD acquires artificial intelligence start-up Layer 6, which was created as a leading AI platform for prediction and personalization in real-time, using advanced Machine Learning solutions. Through this partnership, TD will be able to deploy the technology in both internal business processes and customer facing products. Example use can include product recommendations, next best action, personalization and prediction of attrition.
October 2017
AI-powered chatbots
TD announces an agreement with Kasisto (AI provider) to integrate the company’s KAI Banking platform into TD’s mobile app. The platform will give customers instant support and access to real-time spending insights through an interactive chat interface. KAI-powered chatbots are fluent in banking and multi-lingual so they can fulfill requests and solve problems in a secure way.
TD app users will be able to check account information, review transaction histories and monitor spending levels.
November 2017 – BMO, RBC, Scotiabank, TD
Financial management
Sensibill enables partner banks to incorporate receipt management functionality into their existing digital banking applications, and provides customers with insights into their purchases.
III. Banks Collaborating with the FinTech Community as Incubators
May 2017
The "DMZ-BMO Fintech Accelerator" program is launched in 2017 with the goal of fostering Canada's top financial technology start-ups looking to expand, through an exclusive four-month incubation and mentorship experience.
The program includes:
• a four-month incubation period in Toronto for the top six selected entrepreneurs;
• mentorship from BMO leaders throughout the process; and
• an event where each finalist will pitch their technology to a panel of BMO and industry-expert judges for a chance to execute a pilot with the bank and additional cash prizes.
August 2021
CIBC , Itaú Unibanco , National Australia Bank and NatWest Group launched the Global Open Finance Challenge, a virtual event encouraging innovation and the development of new solutions for a global open finance ecosystem.
The four banks, in collaboration with cloud computing leader Amazon Web Services (AWS), are inviting entrepreneurs and innovators to prototype new customer solutions on a global scale. The ideas will address some of the most pressing challenges in the financial services industry, cultivating an open finance ecosystem that allows secure data sharing among financial institutions, and enabling the banks to deliver more choice and customized product offerings for clients around the world, and the public at large.
May 2019
As part of an international banking alliance, CIBC introduces Global Alliance Fintech Link, a global online portal developed to help drive client-focused innovation by facilitating collaboration between the banks and FinTechs.
Through the digital platform, FinTechs can submit creative technology solutions in response to a wide range of opportunities identified by the banks. Upon receiving the proposals, the banks will consult directly with the technology firms.
October 2019
National Bank is launching the Innovation Competition, a large-scale challenge that will bring together Canadian fintech start-ups, students and other teams of individuals from across Canada. Participants will develop new solutions to help individuals save more efficiently and manage their money.
The competition, created in partnership with Flinks and OSMO, will take place over a 6-month period. Finalists will get the opportunity to pitch their business and technology solutions to a panel of National Bank executives, venture capitalists and tech leaders.
April 2019
RBC and with Franklin Templeton sponsor the opening of Southern California’s first FinTech incubator, EvoNexus. There will be a focus on AI, including machine learning, bank/wealth/payment technology, capital markets technology, cybersecurity, block chain, digital cash, P2P lending, 56, IoT, edge computing and more.
October 2017
Scotiabank announces a partnership between Canada and Latin America’s start-up accelerator, NXTP Labs, allowing Scotiabank to access the most promising FinTechs in Mexico, Colombia, Chile, and Peru, and leverage these countries’ innovative start-up ecosystems. NXTP Labs is a premier Latin American start-up accelerator. Through this partnership, the bank ultimately expects to gain early visibility on transformative trends and technologies affecting financial services.
September 2022
Non-profit fintech development organization Fintech Cadence has received a $200,000 grant for the next two years from TD Bank Group to expand the Fintech Hub across Canada, one of their latest flagship initiatives. From bold ideas to thriving startups, the Fintech Hub provides a centralized base for ambitious Canadian fintech leaders to build, grow and scale their solutions through free access to the following services: coaching hours, peer-to-peer connections, discounted software and service providers, business workshops, content related events and access to a wider fintech network of leaders.
The Fintech Hub, a fully virtual no-fee no-equity program and a newly added flagship program to Fintech Cadence's roster of initiatives, is dedicated to founders in their early stages of validation, discovery and also welcomes startups up to pre-Series A that are using technology to build a more accessible, dynamic and diverse financial products and services landscape for Canadians. Founders are able to choose which opportunities fit their objectives - whether it be validation, product market fit, compliance, raising funds and more - and have access to one-on-one support from the Hub Lead to help them align their involvement with their growth goals. It covers a wide variety of themes and is open year-round.
January 2022
As part of TD Bank Group (TD)'s continued effort to help advance the use of artificial intelligence (AI) in financial services and support the development of top AI talent in Canada, the Bank has extended its sponsorship of the Vector Institute (Vector), an independent non-profit research facility for AI, to 2027. The Bank's extended sponsorship will include funding to help support Vector's research initiatives plus providing dedicated AI talent from TD to participate in Vector-led projects.
October 2017
TD earmarks $3.25 million from its FinTech investment pool to provide patent application funding and expertise specifically to new ventures. The TD patent program for FinTechs and start-ups is designed to support companies at the seed stage with funding and assistance with the rigorous patent application process in Canada, the US and elsewhere, helping them tap into the value patents can offer in supporting their growth. All patents will belong to the start-up and be held in their name. In return for the funding, TD will be granted a non-exclusive license to such patents.