This IDC Financial Insights Presentation provides an analysis of the digital and fintech strategies and initiatives of the major Canadian banks. This Presentation draws on IDC's review of bank public documents and presentations and the published statements of senior bank executives.
This analysis provides a good representation of how each major bank views the importance and urgency of moving to a digital bank. This has allowed us to arrive at a digital maturity rating for each of the major Canadian banks.
The ability of banks to deliver convenient, easy-to-use, and secure client-focused digital services across all channels is critical to the long-term viability of a bank. Clients will soon define the relationship with their bank not by the capabilities of the branch network but by the quality of services available via digital channels. The bank is no longer "the branch" but "the smartphone." Responding requires a digital-first strategy for all bank products and services.