Fintech adoption has nearly tripled in Canada, increasing from just 18% in 2017 to 50% in 2019. Canadian digital-only banks will experience an increase in account holders between 2020 and 2024 at an annual growth rate of 8.9%. For the same time period the annual US growth rate will be 19.8% and 12.7% in the UK. Canada’s big five banks are still dominating the market along with the fact that there is a very small underbanked population for digital-only banks to target. Here’s a closer look at the current state of fintech adoption:
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