Recently, BetaKit dropped a deep dive into the slow and troubled rollout of Open Banking in Canada. It caused… quite the response, leading to all sorts of interesting public and private conversations.
“When you look at the Big Five banks today, they all have the same technology stack, the same products, the same features, and the same fees. There isn’t truly competition.”
Soon after, we heard from Andrew Chau, co-founder and CEO of Neo Financial.
Like many other FinTech leaders in Canada, Chau is frustrated by the lack of financial innovation and choice here compared to other countries. We talk about that frustration, which led Neo Financial to build its own tech stack. We also discussed what Chau learned from his time as the co-founder of Skip the Dishes that applies to fighting for market share with the Big Five banks.
But the incumbents aren’t the only competition Neo has to worry about, so we also talk a bit about Wealthsimple and why Chau believes he can take on all of Bay Street from the emergent FinTech hub growing in Calgary.
Learn more about the customized Xero features built specifically for Canadian small businesses.