It is time that Metro Vancouver bands together to form a regional strategy that collectively concentrates tech into a defined area that can serve as the catalyst for greater overall success for the industry. Toronto's tech community understands its value in being close to the financial centre of the country, and clustering will similarly allow Vancouver to better develop our brand and competitive advantage for the future.
The unsexy truth is, larger companies are better positioned to innovate than start-ups. They have more money, more man-power, a more trusted brand, and most of all, more ways to reach their customers. Out of all bank customers, some are technology enthusiasts who moved entirely to robo advisers as soon as they could.
Like many other fintech startups, we only replace one or another aspect of banking services, but we obtain capital through private investment, not customer deposits through a chequing account. This fundamental difference is often overlooked in the conversation around regulating fintechs like banks and credit unions.
For several years, BC's tech sector has grown at double the rate of the provincial economy, in spite of the fact that our province lags behind other jurisdictions when it comes to tech exports, jobs, GDP contribution and availability of investment. In other words, the sector is succeeding in spite of a lack of attention from policymakers.
Walmart's own payment system could be in place in Canada in 2017.
I shake my head whenever I am exposed to these stereotypes, because they are contrary to my experiences as a tech employer. After careful consideration, I've determined that not only are the specific traits of millennial employees completely opposite to these characterizations, but that a company can really capitalize on them to achieve their business objectives.
Although startling in its relative speed, the changes taking shape in the financial services industry should come as no surprise. We are living in the Age of the Customer, where customers now expect companies to deliver personalized, intelligent experiences as a matter of course.
For the last few years the fintech industry, and specifically, alternative lenders, have been the belle of the ball. Substantial growth and strong investor confidence has left the industry with rose coloured glasses; those glasses were dramatically pulled off recently with a succession of three impactful events.
ider and consumer. We can work towards providing objective investment advice, free of vice and bias. Think of the pain and loss that could be avoided if human error and greed were removed from finance. Imagine if we could remove the weight of unmanageable debt with smarter risk assessment. What if we could help people make better decisions about their money and offer access to knowledge currently limited to high-earners and high-rollers? We can.
You can now open savings and chequing accounts, manage your retirement and investment accounts and get loans online, never mind being able to leave your wallet at home and use your phone to buy everything. Here are the top companies that can take you from money 2D banking to 3D.