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 2026
AI
BMO announced the establishment of the BMO Institute for Applied Artificial Intelligence & Quantum, a new enterprise wide Centre of Excellence focused on the responsible innovation, application and governance of Artificial Intelligence (AI) and the development of Quantum capabilities.
July 2025
AI
BMO announced the launch of My Financial Progress, an innovative digital goal planning platform to help clients create personalized and adaptive long-term plans, gain comprehensive insights into their finances and access personalized strategies to help them reach their goals. Built to adapt to clients' changing priorities and circumstances, the tool adjusts goals and strategies in real time to ensure clients can monitor their financial progress anywhere and at any time.
My Financial Progress is available for all clients using BMO's Mobile Banking app and Online Banking.
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.
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.
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.
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.
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.
October 2025
AI
CIBC today announced the national launch of CIBC Real-Time Experience, a proprietary, AI-enabled, innovative client engagement engine.
CIBC CRTeX combines client preferences with near real-time decision-making to enable the delivery of personalized solutions that support each client's unique financial journey and ambitions.
August 2025
AI
CIBC announced today that its internal AI platform, CAI, has been named the Best Gen-AI Initiative by The Digital Banker, recognizing the bank's innovative use of generative AI to enhance productivity while delivering best-in-class client experience.
May 2025
AI
CIBC announced the bank-wide launch of CIBC AI (CAI), its in-house Generative AI platform, to help drive further productivity across the organization and enable team members to deliver on the bank's client-focused strategy. CAI launched a pilot phase in July 2024 with an initial group of team members across Canada, the US and the UK. The AI platform has saved team members an estimated 200,000+ hours during the pilot by enabling team members to automate common tasks such as summarizing documents, drafting emails, compiling research and other text-based content.
January 2025
AI
CIBC announced that it has won the 'Best Use of AI in Client Experience' award at the Customer Centricity World Series Awards. This recognition highlights CIBC's innovative application of artificial intelligence to enhance client interactions and satisfaction.
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.
February 2026
AI
Royal Bank of Canada announced the creation of the AI Group, a newly established team reporting to the Chief Executive Officer that will accelerate the bank's AI ambitions over the next several years.
Building on existing capabilities and top AI talent, this group will work closely with business and functional teams to turn high-potential AI use cases into market-ready solutions that bring value to clients.
July 2025
AI
Royal Bank of Canada announced that its proprietary ATOM (Asynchronous Temporal Model) foundation model for financial services enables the bank to leverage unique insights and develop innovative solutions for RBC within a responsible AI framework for financial services.
ATOM is part of RBC's Lumina data platform which systematically collects and curates RBC event data along all business lines and enables AI scientists to process up to 10 billion transactions per minute. As a foundation model, ATOM has deep financial expertise that can be used across a variety of banking tasks. Several RBC products and services currently use ATOM's capabilities.
The tool has played a significant role in various RBC products, including enhanced credit adjudication and Avion Rewards.
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.
April 2026
AI
Scotiabank announced the availability of the Home Energy and Advice Tool, a new AI-enabled, digital offering designed to help clients better understand how to improve their home's energy efficiency, manage renovation costs, and protect their home from extreme weather events.
April 2026
AI
Scotiabank announced the launch of Scotia Intelligence, a unified enterprise approach designed to accelerate the Bank's AI evolution and equip employees with secure, scalable data and AI capabilities.
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.
May 2026
AI
TD announced the launch of its first agentic AI model to automate and streamline the application process for mortgages and Home Equity Lines of Credit.
May 2026
AI
TD Insurance announced the release of its first client-facing generative AI-powered chatbot, the TDI Virtual Assistant. The TDI Virtual Assistant is designed to make it simpler and more intuitive for users to connect with TD Insurance – providing responses and insights through conversational, plain-language interactions.
April 2026
Digital payments UX design
TD Bank Group announced the availability of Virtual Card Numbers through Google as a payment option for online shopping on Google Chrome and in-app shopping. This makes TD the first Canadian financial institution where TD Visa Credit Cardholders will have the option to make online purchases without sharing their payment card details with merchants with the use of Virtual Card Numbers through Google Chrome.
October 2025
AI
TD Bank Group announced the launch of the TD Securities Artificial Intelligence (AI) Virtual Assistant, a proprietary generative AI-powered chatbot. Initially launching as a pilot, the TDS AI Virtual Assistant is designed to help augment the productivity and effectiveness of TD Securities ("TDS") Front Office Institutional Sales, Trading, and Research professionals. By streamlining daily tasks, the virtual assistant will help to significantly enhance the value these colleagues can bring to their client interactions.
The TDS AI Virtual Assistant, a type of Knowledge Management System is an internal chatbot designed to help employees efficiently retrieve, aggregate and synthesize vast amounts of information into concise context-aware summaries and insights to help colleagues to answer client inquiries with increased efficiency and speed.
July 2025
AI
TD Bank Group announced the launch of the TD Securities Artificial Intelligence (AI) Virtual Assistant, a proprietary generative AI-powered chatbot. Initially launching as a pilot, the TDS AI Virtual Assistant is designed to help augment the productivity and effectiveness of TD Securities ("TDS") Front Office Institutional Sales, Trading, and Research professionals. By streamlining daily tasks, the virtual assistant will help to significantly enhance the value these colleagues can bring to their client interactions.
The TDS AI Virtual Assistant, a type of Knowledge Management System is an internal chatbot designed to help employees efficiently retrieve, aggregate and synthesize vast amounts of information into concise context-aware summaries and insights to help colleagues to answer client inquiries with increased efficiency and speed.
June 2025
AI
TD Bank Group announced the launch of TD AI Prism, a new industry-leading AI foundation model. This cutting-edge model is set to redefine how the Bank will be able to predict customer needs and personalize their banking experiences.
The TD AI Prism delivers a fully internally built predictive foundation model – it combines a large-scale AI model with robust bank datasets to understand customers holistically, resulting in a single model that can predict a broad set of customer needs more accurately than ever before. TD AI Prism is poised to set a new standard for how TD can scale business decisions powered by AI, and the speed at which it can bring new and innovative solutions to market, while allowing TD to better anticipate customer needs and match them with a product or action that is right for them.
April 2025
AI
TD Bank Group announced it will open a new Layer 6 office in New York City.
As TD's AI research and development center, Layer 6 has driven TD's ability to deploy advanced Machine Learning solutions since it was acquired by TD in 2018. Currently operating from its head office in Toronto's MARS Innovation District, the new Layer 6 office will now grow to more closely support TD Bank, America's Most Convenient Bank, as well as TD’s other U.S. based operations. It will also allow TD to take advantage of an expanded pool of world-class talent and further cement its leadership and competitive advantage driving innovation in banking through AI.
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.
April 2026
AI
VersaBank announced it has commenced a pilot program with one of its major Structured Receivable Program partner, FinanceIt Canada Inc. for the Bank's new Real-Time Structured Receivable Program. The purpose of the Pilot Program is to demonstrate the functionality and operational integrity of the Real-Time SRP in a limited-scale, real-world scenario to refine the solution for full implementation by FinanceIt and simultaneous roll out to all VersaBank's current and prospective SRP partners in both Canada and the United States.
September 2025
AI
VersaBank today announced it has implemented new, internally developed, state-of-the-art artificial intelligence (AI) capabilities within its proprietary core banking technology. The new AI capabilities enable VersaBank to now actively monitor the entirety of its Receivable Purchase Program (RPP) portfolio continuously in real time, further enhancing its already low-risk credit asset model. The Bank is developing innovative new financing options within its RPP, including real-time purchasing of cash flow streams, based on its enhanced AI capabilities to further expand market share in Canada and accelerate the ramp up in the United States, which it expects to launch in the near term.
II. Recent Bank Partnerships with FinTechs
May 2026
AI
BMO renewed its long-standing strategic partnership with the Vector Institute for Artificial Intelligence for an additional five years, reinforcing its commitment to advancing responsible AI, talent development, and real-world applications across the financial sector.
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.
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.
April 2023
Digital Banking
BMO announced an enhancement to its online NewStart® Pre-Arrival Account Opening program to help newcomers to Canada make real financial progress and easily transition to their new lives.
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.
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.
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.
March 2025
AI
CIBC, along with six new organizations, signed Canada's Voluntary Code of Conduct on the Responsible Development and Management of Advanced Generative AI Systems.
August 2024
AI
CIBC 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.
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.
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.
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 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.
June 2024
Digital Banking
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.
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.
July 2025
AI
RBC today announced its membership in FinTechAI@CSAIL, an initiative at the Massachusetts Institute of Technology's (MIT) Computer Science and Artificial Intelligence Laboratory (CSAIL), a research institution for computing and artificial intelligence (AI). CSAIL's fintech initiative, FinTechAI@CSAIL will examine AI's role in the future of finance.
RBC and FinTechAI@CSAIL will conduct machine learning research in areas such as explainability, bias mitigation, and LLM safety – key pillars of responsible AI – as well as emerging applications in cyber security and financial crime prevention.
July 2025
Payments
RBC announced engagement with d1g1t, an enterprise wealth management technology company. Under the terms of the engagement, RBC Wealth Management will leverage d1g1t's performance and risk analytics engine to deliver an enhanced digital experience for advisors and clients in Canada.
Introducing the d1g1t calculation engine will help accelerate RBC Wealth Management's investment in enhancing the firm's existing technology infrastructure through additional advanced features. d1g1t's tools will help support advisors' ability to provide enhanced reporting across a variety of key client metrics.
January 2025
AI
RBC and Cohere announced a strategic partnership to develop North for Banking, a generative AI solution specifically designed for the financial services industry.
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.
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.
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.
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.
August 2025
Credit
Scotiabank launched of digital onboarding experience for newcomers to Canada that includes integration with Nova Credit into its credit card onboarding journey.
Nova Credit, a leading credit infrastructure and analytics company, offers Credit Passport® which allows newcomers – including permanent residents and foreign workers who have been in Canada less than 5 years – to use their international credit history from select countries to receive higher credit limits on Canadian credit cards.
May 2025
AI
Scotiabank supported a new partnership between the Vector Institute and EY Canada to develop practical tools for building more ethical AI systems. Their research led to the creation of the BiasKG framework for bias detection, novel unlearning techniques that reduce bias by up to 40% without degrading model performance, and recognition at the NAACL 2024 and EMNLP 2024 conferences.
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.
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.
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.
July 2025
Payments
TD announced that it had finalized a strategic relationship with Fiserv, a global provider of payments and financial services technology.
TDMS will provide Fiserv's Clover product offering, payment processing and servicing to its clients. The transition for clients will be seamless as they will continue to have access to merchant solutions enabling them to accept credit and debit payments.
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.
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
March 2025
BMO and 1871 today announced a call for applications for WMNfintech, an annual, award-winning program that empowers startup founders as they create and scale innovative services and solutions that support the financial sector. In its sixth year, WMNfintech has become North America's largest alumni network of women-founded and women-led startups as well as those who support women in fintech, providing entrepreneurs access to a robust support network to help them to grow their businesses and bring new technologies and products to market.
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.