The Era of Uncertainty: Canadian Banks

As an economic storm brews, Canadian financial institutions (FIs) must address a long list of concerns and opportunities related to customers’ financial health, scrutiny from US regulators, and a potential fintech collapse. In the long run, open banking, digital transformation, and omnichannel personalization pose a different set of challenges. Key Question: What do short- and long-term challenges and opportunities mean for Canadian FIs? KEY STAT: Canada bank technology spending will hit C$9.29 billion ($7.41 billion) in 2022 and rise to over C$12.91 billion ($10.30 billion) by 2026 as banks continue to invest in digital transformation through the economic cycle. Table of Contents Executive Summary Canadian FIs Must Contend with Six Trends Short-Term Changes Long-Term Changes What Should Canadian Banks Do? Read Next Sources Media Gallery Charts in the Report Total Annual IT/Technology Expenses of Banks in Canada, 2020-2026 (billions of Canadian dollars and % change) Benefits of Del