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Crisis Management: Canada's banking industry 'not motivated to innovate'

Yahoo Finance Canada Videos
Updated

Calgary's Neo Financial is a tech company that was started by two of the co-founders of Skip the Dishes. This week, the startup announced that it had raised $25 million in a Series A Funding Round from a list of promonent investors that includes Shopify CEO Tobi Lutke and the venture fund started by billionaire Peter Thiel.

Neo Financial says it was created to challenge Canada’s financial sector that is dominated by the Big Five banks. It aims to simplify finances, offer high-interest savings accounts options all through proprietary technology.

According to business strategy expert Mark Satov, Canada's banking industry is ripe for disruption. "The bar to be an innovative financial services institution is lower," he tells Yahoo Finance Canada. "Their innovative products do not even have to be that great to come in and be better than most banks in this country."