The Era of Uncertainty: Canadian Banks

What Short-Term Challenges and Long-Term Changes Mean for Financial Institutions

About This Report
Macroeconomic and geopolitical concerns are forcing Canadian financial institutions to address issues surrounding consumer financial health, US acquisitions, and a potential fintech flameout. In the long term, open banking, digital transformation, and omnichannel personalization will pose unique challenges.

Executive Summary

As an economic storm brews, Canadian financial institutions (FIs) must address a long list of concerns and opportunities related to customers’ financial health, scrutiny from US regulators, and a potential fintech collapse. In the long run, open banking, digital transformation, and omnichannel personalization pose a different set of challenges.

Key Question: What do short- and long-term challenges and opportunities mean for Canadian FIs?

KEY STAT: Canada bank technology spending will hit C$9.29 billion ($7.41 billion) in 2022 and rise to over C$12.91 billion ($10.30 billion) by 2026 as banks continue to invest in digital transformation through the economic cycle.

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Table of Contents

  1. Executive Summary
  2. Canadian FIs Must Contend with Six Trends
  3. Short-Term Changes
  1. Long-Term Changes
  2. What Should Canadian Banks Do?
  3. Read Next
  1. Sources
  2. Media Gallery


Tyler Brown


Matthew Gaughan
Analyst Banking
Tiffani Montez
Principal Analyst, Banking
Daniel Ramirez
Researcher, Financial Services

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