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Challengers make gains in banking, but it's a long road to higher market share

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It’s not easy going up against Canada’s banking oligopoly, but some are trying.

Ian Bickis, The Canadian PressMichael Katchen, CEO of Wealthsimple, joins BNN Bloomberg to reflect on the past 10 years for the company and their growth to $50 billion in AUMChallengers like EQ Bank and Wealthsimple are rolling out new and cheaper offerings, growing their base and gaining brand recognition. But experts say that rather than creating a disruptive threat to the big banks, mid-sized players are more likely to be bought up by the majors.

The growth seen with the firm’s business model has led chief executive Michael Katchen to declare that Wealthsimple is the “first and only credible alternative to the big banks in Canada.” There’s little sign of such switching ease coming to Canada, so competitors like EQ Bank are instead focusing on getting consumers to switch gradually.

“The nice thing about being a medium-sized bank, it’s much easier to think about bringing that kind of product innovation to the market,” said Moor. It’s not the only one struggling to see much growth. Manulife Bank has grown around 11 per cent to $30 billion since 2019, and ATB Financial is up some 14 per cent to $62 billion.

 

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