Article
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.
Broader FinTech activities
The 2018 amendments to the Bank Act, the federal legislation that governs how banks operate in Canada, introduced greater flexibility for banks to undertake and leverage broader FinTech activities. The changes, often referred to as the "FinTech Amendments", 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.
However, the accompanying regulations that are required to enable federally-regulated financial institutions (FRFIs), including banks, to rely on the Fintech Amendments still have not been published. Since 2018, the continuing acceleration of innovation and integration of technological advances into our daily lives and the shift to digital channels have significantly shifted customer expectations and only serve to underscore the urgent need for FRFIs to have greater flexibility to engage in FinTech activities as intended in the FinTech Amendments. Many underregulated or unregulated serviced providers, including technology giants, have entered the financial sector to provide technology-enabled services, and banks are eager to engage in broader activities under the Fintech Amendments to more effectively compete, innovate, and ultimately provide customers with the products and services that they expect and demand.
The Canadian Bankers Association has advocated that regulations that would bring into force the Fintech Amendments be prioritized to allow FRFIs to undertake and leverage broader FinTech activities that enable the delivery of financial services in new and innovative ways.
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
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
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.
August 2024
AI
CIBC introduced two new AI-driven tools, the custom-built CIBC AI platform and GitHub Copilot, to enhance productivity and support its client-focused strategy.
CIBC AI is a generative AI platform designed to help employees automate recurring tasks, such as summarizing documents, drafting emails, and creating post-meeting materials, allowing them to focus on higher-value, client-centric activities. Launched in a pilot phase in July 2024, it is being tested across all lines of business in Canada, the U.S., and the UK, with insights from the pilot shaping broader rollout plans.
Additionally, CIBC launched GitHub Copilot to its developer community. The tool accelerates coding by automating repetitive tasks, providing code suggestions, and improving coding efficiency. Early pilot programs showed a 10–15% productivity boost among developers, enabling faster delivery of innovative solutions for clients. Both initiatives highlight CIBC’s commitment to leveraging AI to drive innovation and streamline operations.
July 2024
AI
CIBC announced the expansion of a Generative AI (GenAI) pilot designed to enhance how frontline team members use the bank’s central information hub, Knowledge Central, to serve clients more efficiently. The pilot leverages a Chat-GPT-like interface powered by cognitive search and GenAI capabilities, enabling team members to quickly and accurately access the information needed to answer client questions.
The enhanced interface simplifies information retrieval, allowing team members to focus more on client advice and relationship-building. By improving access to the extensive data within Knowledge Central, the pilot aims to streamline processes and improve both the employee and client experience.
CIBC is taking a phased approach to the pilot, with plans for a national rollout later in the year. The initiative reflects the bank’s commitment to leveraging AI to optimize operations, empower its workforce, and deliver a more positive and efficient client experience, all underpinned by robust AI governance processes.
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.
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.
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.
June 2024
Consumer Directed Finance
TD Bank Group (TD) launched TD Innovation Partners (TDIP), a new division providing specialized banking and financing solutions for technology and innovation companies. TDIP offers services such as banking, lending, principal investments, and private banking to support entrepreneurs at every stage of growth.
Led by a team with extensive industry experience and strong networks, TDIP delivers tailored solutions to meet the unique challenges of innovation-focused businesses. The division also collaborates with TD Wealth to provide private banking and wealth management, ensuring a comprehensive experience for founders and their teams.
May 2024
Consumer Directed Finance
TD Bank Group (TD) introduced two AI-driven solutions to accelerate mortgage pre-approvals and term life insurance application approvals, delivering faster, more personalized digital experiences for customers.
For mortgage and home equity line of credit (HELOC) pre-approvals, an AI model developed by Layer 6 enables some applications to be approved within seconds. Applications requiring further review are handled by underwriters, allowing them to focus on complex cases. Since its launch in August 2023, the model has provided thousands of instant pre-approvals.
For term life insurance, a machine learning model launched in March 2023 reviews and approves nearly half of eligible applications in seconds, significantly reducing wait times. Applications requiring additional review are managed by underwriters, improving efficiency and customer experience. Both solutions highlight TD’s commitment to leveraging AI to streamline processes and enhance customer service.
AI
TD Bank Group (TD) launched two generative AI pilot programs aimed at enhancing customer service in contact centres and streamlining software development for engineers.
In contact centres, a generative AI virtual assistant helps colleagues retrieve answers to customer inquiries quickly, reducing hold times. Developed by TD’s AI research team, Layer 6, the assistant provides summarized responses with links to relevant TD policies and procedures, enabling faster resolution of customer issues.
For engineers, TD is piloting GitHub Copilot, a generative AI programming assistant that accelerates coding workflows. By offering real-time suggestions and simplifying routine tasks, GitHub Copilot allows engineers to focus on complex projects while improving efficiency and code maintainability. Both pilots underscore TD’s commitment to leveraging AI to enhance experiences for customers and colleagues.
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.
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.
II. Recent Bank Partnerships with FinTechs
December 2024
Payments
Toronto-based FinTech startup Beacon launched a remittance product, Beacon Remit, to facilitate seamless, secure, and affordable money transfers for newcomers to Canada. Partnering with BMO (Bank of Montreal), Beacon aims to address the challenges immigrants face in moving money across borders. Registered with FINTRAC as a money services business, Beacon offers a fully digital, end-to-end solution for transfers, starting with India, and sets a new benchmark for compliance in Canadian banking. Bhavna Gounder, Director of BMO Commercial Bank, highlighted the partnership's potential to ease financial transitions for newcomers to Canada.
October 2024
AI
BMO Insurance launched an AI-powered digital assistant to enhance the field underwriting process for life insurance advisors. Integrated with Microsoft Azure OpenAI Service, the assistant streamlines underwriting by providing instant access to critical information, reducing complexity and saving time. Rolled out internally in August 2024, the solution will launch externally in phases starting November 30, 2024.
As the first of its kind in Canada, the assistant supports real-time, efficient, and user-friendly interactions, enabling advisors to better address client needs. BMO Insurance CEO Rohit Thomas highlighted the company’s commitment to leveraging AI responsibly to simplify processes and enhance client service. Microsoft Canada President Chris Barry praised the milestone as a significant step in insurance innovation.
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
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 2024
AI
CIBC has announced a strategic collaboration with Creative Destruction Lab (CDL), a nonprofit organization focused on driving innovation through AI technology. As part of CDL’s "Putting AI to Work" program, CIBC joins a cohort of leading organizations across various sectors to explore responsible AI integration to enhance stakeholder value.
Through the 12-month program, CIBC will gain access to advanced insights from industry leaders and experts to develop best practices, improve efficiencies, and identify new revenue opportunities within the Canadian AI ecosystem. This collaboration underscores CIBC’s commitment to leveraging AI thoughtfully and effectively to deliver value for clients and optimize operations.
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.
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.
June 2024
Digital Banking
In June 2024, Temenos announced that Haventree Bank selected it to drive its digital transformation and support business growth. By adopting Temenos’ core banking Software-as-a-Service (SaaS) platform, Haventree aimed to enhance agility, performance, scalability, and security. The platform’s cloud-native, API-first architecture, with continuous updates, enabled Haventree to quickly deploy advanced banking capabilities. This approach is expected to allow Haventree to focus its resources on serving clients and partners, fostering innovation, and advancing transformation while maintaining a flexible and modern IT environment.
September 2023
Supporting Investments
National Bank of Canada and Platform Calgary announced a new strategic partnership focused on improving the connections between investors and Calgary technology startups. National Bank is committing $380,000 over four years to establish the “National Bank Investor Hub” located at the Platform Innovation Centre. National Bank will also become a core partner of the Platform Pillar Team.
Through the establishment of the "National Bank Investor Hub", Calgary will add a key asset to continue growing the local technology sector. The "National Bank Investor Hub" will drive faster connections between investors, founders, ideas, and capital. Benefits to the local innovation economy will include:
• A centralized access point for international, national, and local investors, funds, venture capital groups, angel investors, banks, family offices, and private equity groups looking to expand their investment portfolios and tie into local tech startup activity.
• A source of credible training and professional development for investors interested in technology as an asset class.
• A physical hub for startups to connect with investors at an earlier stage, decreasing the time required for the startup to build interpersonal connections with investors before the need for capital is urgent.
January 2025
AI
RBC and Cohere have announced a strategic partnership to develop North for Banking, a generative AI solution specifically designed for the financial services industry. The collaboration aims to create a secure, innovative AI platform that enhances productivity while maintaining rigorous data privacy and security standards.
The partnership leverages RBC’s extensive AI investment and Cohere’s enterprise AI expertise to develop a customized AI workspace that can be seamlessly integrated into financial institutions. By focusing on responsible AI principles, the companies seek to create a solution that supports advisors, streamlines research workflows, and improves overall operational efficiency.
RBC views this initiative as a critical step in transforming banking capabilities, with the goal of deploying an end-to-end AI solution that provides financial firms with advanced technological tools while ensuring robust protection of sensitive information. The project represents a significant advancement in applying generative AI technologies within the financial sector, prioritizing both innovation and security.
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.
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.
September 2024
Digital Banking
Scotiabank is helping recent immigrants to Canada settle into their new lives faster with the expansion of its partnership with Nova Credit1, the leading cross-border credit bureau operating in Canada. Through this partnership, Scotiabank is helping newcomers from select countries2 with the opportunity to access higher credit limits, by allowing them to use their credit history from their original home country when applying online for increased credit limits.
April 2024
Digital Banking
Scotiabank announced an expanded partnership with Google Cloud, naming it the enterprise cloud platform of choice for the next phase of the Bank's cloud acceleration journey. The Bank will leverage Google Cloud technology to enhance client and employee experience, strengthen Bank security, and adopt new technologies, like generative AI, more quickly. This announcement builds on Scotiabank's strategic partnership with Google Cloud, extending its cloud-first commitment and accelerating its global data and analytics strategy.
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.
November 2024
Payments
TD partnered with TouchBistro to offer Canadian restaurant owners an integrated payment and management solution. TouchBistro's all-in-one POS and restaurant management system enables businesses to manage orders, reservations, staffing, floor plans, and bill reconciliation on a single platform.
The collaboration allows TD customers to seamlessly integrate their payment devices with TouchBistro’s system, improving efficiency, security, and customer experience. According to TouchBistro's 2024 Canadian Diner Trends Report, 84% of diners prefer using credit or debit cards, with 76% favoring handheld payment terminals brought to the table.
March 2024
Digital Banking
TD Bank Group (TD) announced that it has entered into an agreement with SideDrawer to create a new integrated file and data sharing experience to support TD customers.
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.
III. Banks Collaborating with the FinTech Community as Incubators
August 2024
CIBC enhanced its partnership with the Vector Institute to advance AI talent development, foster innovation, and integrate AI responsibly across its operations. This collaboration aims to upskill the bank’s workforce, including senior leaders, and cultivate a culture of continuous learning, supported by a strong Trustworthy AI governance framework.
The partnership will see CIBC expand access to Vector’s programs, including professional development opportunities for team members, preferred recruitment channels for AI talent, and ongoing technical guidance to create new career opportunities within the organization. These efforts are designed to equip the workforce to leverage AI for improving client experiences and operational efficiencies.
As a founding sponsor of the Vector Institute, CIBC has been actively involved in advancing AI research and innovation since 2017. This strengthened collaboration underscores the bank’s ongoing commitment to supporting Canada’s AI ecosystem and integrating cutting-edge AI solutions to drive growth and deliver value for clients.
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.
November 2024
The Financial Wellness Lab at the Faculty of Science, Western University in partnership with Canada’s largest federal financial cooperative, Coast Capital, released a first-of-its-kind study, the Income Project, examining the contributing factors to financial wellness for people in Canada.
The depth of the Lab’s most recent research is part of its ongoing efforts to deepen understanding of the factors contributing to financial resilience and unlike any other undertaken in the country to date. Tapping into a decade’s worth of Canadian-specific data and insights, researchers studied datasets representing approximately five-million Canadians and their anonymized incomes, spending patterns, the accumulation of debt and overall financial wellness.
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.