Big Banks Reign in Canada While New Challengers Seek to Gain Ground

Luminary Times26 Sep, 2024News

It's not easy challenging Canada's banking oligopoly, but some are making the effort. Challengers like EQ Bank and Wealthsimple are introducing new, more affordable offerings, expanding their customer base and increasing brand recognition. However, experts suggest that rather than posing a significant threat to the big banks, mid-sized players are more likely to be acquired by the larger institutions. ?The banking market in Canada is not known to be very competitive. It?s not going to improve,? said Claire C?l?rier, Canada Research Chair in household finance at the University of Toronto?s Rotman School of Management, who anticipates further consolidation.