In response to pressing financial challenges faced by Canadians, Fintechs Canada has unveiled the ‘Choose More’ campaign, an initiative aimed at shedding light on how the country’s financial sector can better serve both consumers and businesses.
Established in May 2019 as a not-for-profit member association, Fintechs Canada serves as the collective voice for fintechs in Canada. The campaign seeks to address several key issues:
- High banking fees: Many Canadians find themselves paying exorbitant fees for their banking services, often surpassing the interest they earn on their savings accounts.
- Business losses due to fees: Canadian businesses face losses of $3-6.5billion annually due to various fees.
- Homeownership dreams deferred: A significant 63 per cent of Canadians have had to abandon their dreams of homeownership.
The Choose More campaign is designed to empower Canadians to engage in a national dialogue and advocate for change within the federal government. By fulfilling commitments related to open banking and payments modernisation, the government has the potential to put more money back into the pockets of Canadian citizens.
“Canadians are really feeling the pinch across a range of sectors, and the financial sector is one of them. While our global counterparts are making their financial sectors work harder for their customers, Canadians are still waiting for their government to do the same,” said Alex Vronces, executive director at Fintechs Canada.
“We believe Canadians know what best suits their financial needs, and so this campaign raises awareness of reforms that give Canadians more choice.”
The launch of the Choose More campaign underscores Fintechs Canada’s unwavering commitment to drive transformation in the financial sector.
A campaign website offers insights into the existing financial system, dispels myths, and provides a platform for Canadians to advocate for necessary reforms.