Technology-Led Innovation in the Canadian Financial Services Sector

'Financial technology (FinTech) has the potential to dramatically change the way financial products and services are accessed and used by Canadians. The innovative technologies being introduced by new entrants into the financial services sector promise to increase choice, improve convenience and lower prices for consumers and businesses alike. Despite the attention that FinTech is generating, Canada lags behind its international peers when it comes to FinTech adoption. The Competition Bureau (Bureau) launched this market study into the financial services sector to understand why this is the case. Market studies are one of the tools used by the Bureau to promote competition in the Canadian economy. They allow the Bureau to examine an industry through a 'competition lens' to highlight issues that may restrict competition and inform public policy on the regulation of markets”--Executive summary, p. 4.