Emerging into a dating relationship
First, during the Bureau’s public consultations in 2013, financial services were identified as an area of focus for potential advocacy initiatives.
Second, the sector itself is an important pillar in the Canadian economy, contributing approximately 7% of Canada’s gross domestic product (as of May 2017) and accounting for nearly 800,000 Canadian jobs (2015 figures).
In total, the Bureau conducted more than 130 interviews or meetings with 118 stakeholders and received 20 written submissions: one from an incumbent financial institution, 12 from Fin Tech start‑ups, and seven from industry and consumer associations.
The Bureau also engaged in significant outreach to various stakeholders including 16 incumbent financial institutions, 35 Fin Tech start‑ups, 26 domestic agencies and regulators and nine foreign regulatory authorities.
As part of its mandate, the Bureau participates in a wide range of activities to promote and advocate for the benefits of a competitive marketplace, such as lower prices for consumers as well as increased choice and innovation.
According to Ernst & Young LLP in 2017, approximately 18% of digitally active consumers in Canada had used at least two Fin Tech products in the prior six months—roughly half the average (33%) of the other nations surveyed.